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 or the Bank) at ‘BB+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed BOA’s Bank Standalone Rating (BSR) of ‘bb-‘, Core Financial Strength (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of High. The Outlook on the LT FCR and BSR is 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 domestic systemically important bank in Morocco, controlling around 14% of banking sector assets.

The Bank’s BSR is derived from a CFS rating of ‘bb-’ and an adjusted Operating Environment Risk Anchor…