Société Générale Marocaine de Banques – Ratings Affirmed
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Summary
Ref: MA 00 8 20 CRA00- 01 7 September 202 1
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 both SGMA’s B ank S tandalone Rating (BS R ) and C ore Financial Strength (CFS) rating 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 likelihood…