Credit du Maroc’s Ratings Affirmed, with a Stable Outlook

Ref: MA 0 0 3 2 3 CRA00- 01 30 Aug ust 202 4

C r e dit du Maroc ’s Ratings Affirmed , with a Stable Outlook

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 C r e dit du Maroc (CM) at ‘BB+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed both the Bank’s Bank Standalone Rating ( BSR ) and Core Financial Strength ( CFS ) rating at ‘bb’. The Outlook for the LT FCR and BSR remains Stable. The Extraordinary Support Level ( ESL ) has been maintained at Moderate.

The previous majority shareholder, France’s Cr e dit Agricole S.A. (CA), sold its stake in CM to the Moroccan Holmarcom Group (HG) in December 2022. HG is a Moroccan-based conglomerate with core businesses in the finance (mainly insurance), agro-industry,…