Société Générale Marocaine de Banques – Bank Standalone Rating Lowered; Foreign Currency Ratings Affirmed
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Ref: MA 00 8 2 2 CRA00- 01 23 August 202 3
Société Générale Marocaine de Banques – Bank Standalone Rating Lowered; Foreign Currency Ratings Affirmed
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Bank Standalone Rating ( BSR) of Société Générale Marocaine de Banques (SGMA) to ‘bb’ from ‘bb+’ . At the same time, CI Ratings has affirmed SGMA’s Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) at ‘BBB-’ and ‘A3’, respectively. The Bank’s Core Financial Strength ( CFS) rating has also been lowered to ‘bb’ from ‘bb+’ . The Outlook on the LT FCR and BSR remains Stable.
The CFS and , as a result , the BSR have been downgraded due to SGMA’s high level of NPLs, with the NPL ratio some way above the peer group, the Bank’s modest loan loss coverage against NPLs, and…