Societe Generale Marocaine de Banques – LT and ST FCR Lowered; All Other Ratings Affirmed
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Ref: MA 00 8 2 3 CRA00- 01 22 August 2024
Soci e t e G e n e rale Marocaine de Banques – LT and ST FCR Lowered; All Other Ratings Affirmed
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 Soci e t e G e n e rale Marocaine de Banques (SGMA) to ‘BB + ’ and ‘ B ’ from ‘BBB- ’ and ‘A3’ , respectively. At the same time, SGMA’s Bank Standalone Rating ( BSR ) and Core Financial Strength ( CFS ) of ‘bb ’ have been affirmed . The Outlook for the LT FCR and BSR is Stable. The Extraordinary Support Level ( ESL ) has been adjusted to Moderate from High.
The downgrade of SGMA’s FCRs reflects the imminent yet impending sale of Societe Generale (SG) majority stake in SGMA to Moroccan Saham Group. In Q2…