Société Générale Marocaine de Banques – Ratings Affirmed
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Ref: MA 0 0 8 1 9 CRA00- 01 1 September 2020
Société Générale Marocaine de Banques – 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 Société Générale Marocaine de Banques (SGMA) at ‘BBB-’ and ‘A3’ , respectively. At the same time, CI Ratings has affirmed SGMA’s Bank Standalone Rating ( BSR ) and Core Financial Strength ( CFS ) at ‘bb+’ . The Outlook for the LT FCR and BSR is Stable.
The one-notch uplift of the LT FCR (which is constrained by CI’s internal assessment of sovereign credit risk for Morocco) above the BSR is based on an Extraordinary Support Level ( ESL ) of High. The ESL takes into account the Bank’s strong majority shareholder, France’s Société Générale (SG) and the high…