Crédit du Maroc’s Ratings Affirmed; Outlook Revised to Negative

Ref: MA 0 0 3 2 1 CRA00- 01 31 Aug ust 202 2

C rédit du Maroc ’s Ratings Affirmed ; Outlook Revised to N e g ative

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

The revision of the LT FCR Outlook is in response to the imminent sale of the majority shareholder ’s − France’s Crédit Agricole S.A. (CA)…