Banque Marocaine pour le Commerce et l’Industrie – 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 Marocaine pour le Commerce et l’Industrie (BMCI or the Bank) at ‘BBB-’ and ‘A3’, respectively. At the same time, CI Ratings has affirmed BMCI’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 is Stable.

BMCI’s LT FCR incorporates two notches of uplift above its BSR. The uplift reflects our assessment of the high likelihood of extraordinary support, if needed, from the Bank’s strong majority shareholder, France’s BNP Paribas (BNPP). CI believes that BNPP has the financial capacity to provide support and would be willing to assist its subsidiary since BMCI is currently an important part (as BNPP’s largest African subsidiary) of BNPP’s North African and…