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

The Moroccan Holmarcom Group (HG) acquired its majority stake in CM from France’s Credit Agricole S.A. (CA) in December 2022. HG is a Moroccan-based conglomerate with core businesses in the finance (mainly insurance), agro-industry, logistics and real estate sectors. The transaction took place in two stages: a tranche of 64% was concluded in December 2022. Holmarcom finalised the acquisition of CA’s remaining 15% stake in CM in June 2024, taking its total holding to 79%. CA continued to…