Attijariwafa Bank – FCRs and BSR Lowered

Ref: MA 0 0 1 1 9 CRA00- 01 19 August 2020

Attijariwafa Bank – FCRs and BSR Lowered

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Long-Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating ( ST FCR ) of Attijariwafa Bank (AWB) to ‘BB+’ and ‘B’ , respectively, from ‘BBB-’ and ‘A3’. At the same time, CI Ratings has lowered AWB’ s Bank Standalone Rating ( BSR ) to ‘bb’ from ‘bb+’. The Bank’s Core Financial Strength ( CFS ) rating has been affirmed at ‘bb+’. The O utlook for the LT FCR and BSR remains Stable.

The lower ing of the Bank’s FCRs and BSR is driven by the expected deterioration in asset quality and profitability due to the impact of the Covid-19 pandemic which has raised credit risks across all sectors , both in Morocco and in other markets where AWB is active. K ey…