...IDRs Driven by Sovereign Support: Attijariwafa Bank's (AWB) Issuer Default Ratings (IDRs), National Ratings, Support Rating (SR) and Support Rating Floor (SRF) reflect Fitch Ratings' view that the Moroccan authorities have a high propensity to support AWB if need be, in light of its systemic importance in Morocco (26% deposits market share). However, Fitch views the probability of support as only moderate considering Morocco's own financial strength (BBB-/ Stable). Constrained VR: The combination of AWB's modest capital ratios and significant risk appetite acts as a constraint on its Viability Rating (VR). The VR also factors in AWB's leading domestic franchise, moderate asset quality, overall solid funding and liquidity profile and its resilient capacity to generate sustained profitability. Modest Capital Ratios: AWB's capital ratios are modest given the bank's significant risk appetite as reflected in its high loan book concentration, substantial exposure to volatile markets - such as...
