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Fitch lowers Abu Dhabi Islamic Bank's viability rating
Fitch Rating said it downgraded Abu Dhabi Islamic Bank's viability rating to bb from bb+ and affirmed its long-term issuer default rating at A+ with a stable outlook, short-term issuer default rating at F1, individual rating at C/D, support rating at 1 and support rating floor at A+.
The agency said the downgrade reflects its concerns about the bank's weaker asset quality trends, particularly its high exposure to real estate and rising unreserved impaired loans.
At the same time, the bb viability rating reflects the bank's sound balance sheet liquidity, healthy pre-impairment operating profit and strong franchise in the United Arab Emirates, Fitch said.
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