Société Générale Marocaine de Banques – Ratings Affirmed
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Ref: MA 0 0 8 2 1 CRA00- 01 23 Aug ust 202 2
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) at ‘bb + ’, and Core Financial Strength (CFS) rating at ‘bb+’. The Outlook for the LT FCR and BSR remains 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…