...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) reflects the outlook on the sovereign rating. Domestic Systemically Important Bank: Fitch Ratings believes the authorities would have a high propensity to provide required support to AWB. We regard AWB as a domestic systemically important bank (D-SIB). However, the overall probability of support is only moderate given Morocco's financial strength. Risk Profile Influences VR: Expansion into African countries indicates above-average risk appetite, in our view. African subsidiaries, which carry greater risks than Moroccan assets, represented about 25% of consolidated loans at end-2017. The bank's elevated risk appetite has a high influence on its Viability Rating (VR). IFRS 9 Weakens Capital: Expected credit loss provisions required under IFRS 9 totalling MAD4.6 billion reduced end-2017...
