Credit du Maroc’s Ratings Lowered; Outlook Revised to Stable

Ref: MA 0 0 3 2 2 CRA00- 01 31 Aug ust 202 3

C re dit du Maroc ’s Ratings Lowered ; Outlook Revised to Stable

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Long-Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating (ST FCR) of C rédit du Maroc (CM) to ‘BB+’ and ‘B’, respectively, from ‘BBB-’ and ‘A3’. The Outlook for the LT FCR has been revised to Stable from Negative. At the same time, CI Rat ings has lowered both CM’s Bank Standalone Rating ( BSR ) and Core Financial Strength ( CFS ) rating to ‘bb’ from ‘bb+’. The Outlook for the BSR has also been revised to Stable from Negative. The Extraordinary Support Level ( ESL ) has been maintained at Moderate.

The downgrade in CM’s ratings reflects the change in ownership in late 2022 in addition to certain weaker financial metrics, as well as…