...IDRs Driven by Sovereign Support: Attijariwafa Bank's (AWB) ratings reflect Fitch Ratings' view that the Moroccan authorities would have a high propensity to support the bank if needed in light of its systemic importance to Morocco (26% market share in deposits at end-2015). However, Fitch views the probability of support as only moderate considering Morocco's own financial strength (BBB-/Stable). The Stable Outlook on AWB's Long-Term IDRs reflects that on the Moroccan sovereign rating. AWB's Viability Rating (VR) is constrained by the combination of modest capital ratios and a significant risk appetite. The VR also factors in AWB's leading domestic franchise, moderate asset quality, overall solid funding and liquidity profile and a resilient capacity to generate sustained profits. Modest Capital Ratios: Capital ratios are only adequate (Tier 1 capital ratio of 10.1% at end- 2015) given the bank's significant risk appetite as reflected in its high loan book concentration, high related-party...
