Fitch: Abu Dhabi Islamic Bank’s Long-Term IDR Affirmed at ‘A+’; Outlook Stable

Fitch Ratings (Fitch) has affirmed the Long-Term Issuer Default Rating (IDR) of Abu Dhabi Islamic Bank (ADIB) in the United Arab Emirates (UAE), at A+ with a Stable Outlook. ADIB’s viability rating (VR) has also been maintained at bb-.

Key rating drivers supporting the affirmation of the long-term IDR include the fact that ADIB is likely to receive Government support if needed, with this financing being sourced through sovereign wealth funds, as well as recurring revenue from hydrocarbon production. According to Fitch, the willingness of the authorities to provide support to the banking sector is reinforced through partial government ownership of a number of lenders in the UAE.

A...