Attijariwafa Bank – Ratings Affirmed

Ref: MA 00 1 20 CRA00- 01 19 August 202 1

Attijariwafa Bank – Ratings Affirmed

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

AWB’s FCRs and BSR were lowered during our review last year due to the expected deterioration in asset quality and profitability, reflecting the impact of the Covid-19 pandemic which raised credit risks across all sectors, both in Morocco and in other markets where AWB is active. The increased level of NPLs and associated increase in the cost of risk came to…