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Fitch affirms ADCB's rating at 'A+'; outlook stable

Fitch affirms ADCB's rating at 'A+'; outlook stable
The global rating agency affirmed the bank's VR at 'bb+'
ADCB
ADCB
1.45% 8.40 0.12

Abu Dhabi - Mubasher: Fitch Ratings has affirmed Abu Dhabi Commercial Bank's (ADCB) long-term issuer default rating (IDR) at 'A+' with a stable outlook.

The global rating agency has affirmed the bank's viability rating (VR) at 'bb+', according to a recent press release.

Affirming the rating is attributed to the high probability of support available to the bank from both the UAE and Abu Dhabi authorities.

Fitch's assessment of potential state support to the banking system is driven by its solid net external asset position, still-strong fiscal metrics, and recurring hydrocarbon revenues.

Meanwhile, the ratings of the bank's unsecured debt programmes and notes are in line with the bank's long- and short-term IDRs.

It is noteworthy to mention that during the first nine months of 2021, the bank's net profits attributable to the equity holders increased by 36% to AED 3.798 billion from AED 2.797 billion in the year-ago period.