Attijariwafa Bank’s Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Attijariwafa Bank (AWB or the Bank) at ‘BBB-’ and ‘A3’, respectively. At the same time, CI Ratings has affirmed AWB’s Bank Standalone Rating (BSR) of ‘bb’, Core Financial Strength (CFS) rating of ‘bb+’ and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR remains Stable.

CI considers the likelihood of the Bank receiving extraordinary support from the Moroccan government in the event of need to be high. Under CI’s criteria, the ESL of High results in a two-notch uplift for the LT FCR over the BSR. The high ESL takes into account AWB’s leading market position in the Moroccan banking sector: it is the largest bank by total assets and controls slightly over one-quarter of the system’s customer deposits. The Al Mada Group – the Moroccan monarchy-owned entity – holds 46.5%…