Fitch confirms Moroccan banks rating
The main Moroccan banks, just like their country, have had their rating confirmed inThe main Moroccan banks, just like their country, have had their rating confirmed in Fitch’s latest communication.
Attijariwafa Bank and BMCE bank (Banque marocaine du commerce extérieur) are keeping their BB+ rating, in both cases with a stable outlook.
BMCI bank (Banque marocaine pour le commerce et l'industrie) had its triple A confirmed.
Quoted in Aujourd’hui Maroc, the bank declared:
“This good rating translates our efforts to develop a management integrating risk assessment as well as our ability to conform to international standards”.
The level of integration of BMCI and its majority shareholder BNP Paribas (A+ with a stable outlook) was a key factor in the rating. Fitch also congratulated the bank on its historic profitability.
SGMB bank (Société Générale marocaine des banques) kept its triple A rating as well. However, Fitch withdrew its rating from Attawfiq Micro-Finance.
Last April, Fitch gave the Moroccan kingdom another BBB- rating with a stable outlook.
Fitch has been encouraging in its published opinions on the country. Last July, it considered for instance that the opening by the International Monetary Fund of a $5 billion credit line was a sign of the Moroccan economy’s strength.