...Ratings Capped by Sovereign: Bank Audi S.A.L.'s (Audi) ratings are capped by that of Lebanon, and the bank's Stable Outlook reflects that of the sovereign. This is due to Audi's substantial exposure to the Lebanese central bank (BDL), at 45% of the balance sheet at end- 2017, and the difficult operating environment. Lebanon's economic grow th outlook remains modest. Strong Franchise : Audi is Lebanon's leading bank, w ith a domestic market share of just over 10%. Its international operations, particularly in Turkey, are significant and have grow n rapidly in recent years. How ever, Lebanon still represents over half of group assets. Com petent Managem ent: Audi has competent and stable management, w ith strong experience in regional and international banking, and has demonstrated its ability to implement strategy. How ever, execution remains sensitive to challenges from volatile regional markets. The bank's strategic objectives are w ell articulated, capturing cross-border lending and investment...
