...Extremely High Probability of State Support: Noor Bank's Issuer Default Ratings (IDRs) are driven by an extremely high probability of support from the UAE authorities, if needed. This reflects a long history of support in the UAE, Noor's ownership and its close links with the Dubai government. Noor's Support Rating Floor (SRF) is below the UAE domestic systemically important banks' SRF of `A' due to its small, but growing, franchise. Noor's Viability Rating (VR) reflects its small but growing franchise (less than 2% of total banking system assets), limited track record in implementing its strategy, weak but improving asset quality, high concentration in the financing book and in this respect low capital levels. The VR also takes into account Noor's adequate liquidity, growing and more diversified customer base, improving profitability and diversified income stream. Small Franchise; Limited Track Record: Given the bank's Dubai focus and ownership, it has high - but declining - exposure to...
