...Support Drives Ratings: Attijariwafa Bank's (AWB) ratings are driven by a moderate probability of support from the Moroccan sovereign (BBB-/Stable). The Stable Outlook on the Long-Term Issuer Default Rating (IDR) mirrors the outlook on the sovereign rating. Domestic Systemically Important Bank: Fitch Ratings considers AWB to be a domestic systemically important bank (D-SIB) and believes the authorities would have a high propensity to provide support, but the overall probability of support is only moderate given Morocco's financial strength. Risk Appetite Influences VR: AWB's risk appetite has a high influence on its Viability Rating (VR). Expansion into African countries indicates above-average risk appetite, in our view, as African assets, which represented about 20% of consolidated assets at end-2016, carry higher risks than Moroccan assets. African subsidiaries generated about a quarter of consolidated net income in 2016 and diversification is positive for earnings. Modest Capital Buffers:...
