Bank of Africa – Ratings Affirmed

Ref: MA 00 2 3 CRA00- 01 8 August 202 4

Bank of Africa – 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 Bank of Africa (BOA) at ‘BB+’ and ‘B’, respectively . At the same time, CI Ratings has affirmed BOA’s Bank Standalone Rating ( BSR ) and Core Financial Strength ( CFS ) rating , both at ‘bb – ’. The Outlook for the LT FCR and BSR remains Stable.

The two-notch uplift of the LT FCR above the BSR is based on an ESL of High. The ESL takes into account the high likelihood of extraordinary support from the authorities in view of BOA’s significant market share of both domestic assets and customer deposits. The Bank is classified as a D-SIB in Morocco, controlling around 14% of banking sector assets.

The Bank’s BSR…