Crédit du Maroc – Ratings Affirmed with a Stable Outlook
Content is restricted
Summary
Ref: MA 0 0 3 1 9 CRA00- 01 10 September 2020
Crédit du Maroc – 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 Crédit du Maroc (CM) at ‘BBB-’ and ‘A3’ , respectively. At the same time, CI Ratings has affirmed both CM ’s Bank Standalone Rating ( BSR ) and Core 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…