Crédit du Maroc – Ratings Affirmed
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Ref: MA 00 3 20 CRA00- 01 14 September 202 1
Crédit du Maroc – 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 Crédit du Maroc (CM) at ‘BBB-’ and ‘A3’, respectively. At the sam e time, CI Ratings has affirmed CM ’s B ank S tandalone Rating (BS R ) at ‘bb+’ and C ore Financial Strength (CFS) rating at ‘bb+’ . The Outlook for the LT FCR and BSR is Stable.
The Bank’s LT FCR is set one notch above the BSR and is constrained by CI’s internal assessment of sovereign credit risk for Morocco. The uplift reflects our assessment of the high likelihood of extraordinary support, if needed, from the Bank’s strong majority shareholder, France’s Crédit Agricole (CA). We believe that CA has sufficient resources and capacity…