...IDRs Driven by Sovereign Support: Attijariwafa Bank's (AWB) IDRs, National Ratings and Support Rating reflect Fitch Ratings' view that there is a moderate probability that the Moroccan authorities would support AWB if necessary. The Moroccan authorities would have a high propensity to support AWB if need be, in light of AWB's systemic importance in Morocco (26% market share). However, Fitch views the probability of support as only moderate considering Morocco's own financial strength (BBB-/Stable). Capital Ratios Constrain VR: AWB's Viability Rating (VR) reflects its modest capital ratios and moderate asset quality. It also factors in AWB's leading domestic franchise, its capacity to generate sustained profitability and its acceptable funding and liquidity profile. Modest Capital Ratios: AWB's Fitch core capital (FCC) ratio is modest (8.4% at end-1H14) considering AWB's high loan book concentration, high related-party lending and significant international exposures to volatile economies...
