Banque Centrale Populaire’s Ratings Affirmed

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

BCP’s FCRs and BSR were lowered at the last review 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 BCP is active. The lowering of the ratings was also in part driven by the adjustment in Operating Environment Risk Anchor (OPERA) given Groupe…