...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 weak asset quality, low coverage of impaired financing, weak core capital ratios, sizeable balance sheet concentrations and high related-party lending. The VR also take into account the bank's strong and resilient UAE-wide franchise, especially in Islamic retail banking, healthy profitability, sound liquidity and stable funding. Well-Established Franchise: Despite lower growth, ADIB has maintained its 5% market share of UAE banking sector assets and customer financing. ADIB is the second-largest UAE Islamic bank (behind Dubai Islamic Bank) and the fourth-largest Islamic bank globally by total assets....
