Banque Marocaine pour le Commerce et l’Industrie – Foreign Currency Ratings Downgraded

28 August 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has downgraded the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Banque Marocaine pour le Commerce et l’Industrie (BMCI or the Bank) to ‘BB+’ and ‘B’, from ‘BBB-’ and ‘A3’, respectively. At the same time, CI Ratings has affirmed BMCI’s Bank Standalone Rating (BSR) of ‘bb’ and Core Financial Strength (CFS) rating of ‘bb’. The Extraordinary Support Level (ESL) is lowered to Moderate, from High. The Outlook for the LT FCR and BSR is Stable.

The downgrade of the LT and ST FCRs reflects the likely imminent sale of the stake of France’s BNP Paribas (BNPP), the current majority shareholder, to the Moroccan Holmarcom Group (HG). In Q2 26, BNPP agreed to sell its entire 67% shareholding in BMCI to Holmarcom Finance Company (HFC), which holds the financial, insurance and banking investments of HG. HG is a longstanding…