Fitch: Abu Dhabi Islamic Bank’s Long-term Issuer Default Rating Affirmed at A+ with Stable Outlook

Fitch Ratings (Fitch) has affirmed the Long-Term Issuer Default Rating (IDR) of the United Arab Emirates (UAE) based Abu Dhabi Islamic Bank (ADIB) at AB+, with a Viability Rating (VR) of bb and a Stable Outlook.

Key ratings drivers supporting the affirmation of the long-term IDR, Support Rating (SR) and Support Rating Floor (SRF) include the fact that ADIB is likely to receive support from the Government of the UAE and Abu Dhabi if needed, with this financing being sourced through sovereign wealth funds, as well as recurring revenue from hydrocarbon production, despite the fall in oil prices. According to Fitch, the willingness of the authorities to provide support to the banking sector is reinforced through partial gove...