...State Support Drives IDRs: Abu Dhabi Islamic Bank's (ADIB) Issuer Default Ratings (IDRs) are driven by an extremely high probability of support from the UAE and Abu Dhabi authorities if needed. This reflects a long history of support in the UAE and the bank's domestically systemically important (D-SIB) status in the UAE and in particular in Abu Dhabi. ADIB's Viability Rating (VR) reflects its strong and resilient franchise, adequate profitability and sound liquidity and funding. The VR also take into account the bank's weak asset quality, low coverage of impaired financing, weak core capital ratios, high concentration in financing and high related party exposure. Strong and Resilient Franchise: ADIB is the second-largest UAE Islamic bank (behind Dubai Islamic Bank) and the fourth-largest Islamic bank globally by total assets. The bank has a 5% market share in the UAE by total assets and 6% by financing. The bank's solid deposit franchise supports the VR. Weak Asset Quality, Coverage Below...
