(The following statement was released by the rating agency)PARIS/LONDON, June 14 (Fitch) Fitch Ratings has affirmed Wafa Gestion's asset manager rating at 'Highest Standards(mar)'. The Outlook is Stable.KEY RATING DRIVERSThe affirmation recognises Wafa Gestion's long-established franchise and sound position in the Moroccan asset management industry, as well as the support from shareholders, Attijariwafa Bank (AWB, BB+/Stable) and Amundi (unrated). It also reflects a well-staffed organisation and a robust operational framework, which allow the company to develop specific and innovative products.The main challenges facing Wafa Gestion are the stabilisation and strengthening of risk management and control, to expand them beyond the well-covered regulatory aspects. This includes enhancing credit and liquidity risk management, as well as the formalisation of counterparty monitoring and best execution.Wafa Gestion 'Highest Standards(mar)' rating is based on the following category scores:Company: HighestControls: HighInvestments: HighestOperations: HighestTechnology: HighestAsset manager operations in the 'Highest Standards(mar)' category demonstrate an investment platform and operational framework that Fitch considers superior relative to the standard applied by domestic institutional investors. Company: Wafa Gestion is the largest Moroccan asset manager in terms of assets under management (AUM). It benefits from the banking network support of its parent, Attijariwafa Bank, and to a lesser extent, Credit du Maroc, conferring a well-diversified and granular client base on Wafa Gestion. Fitch notes that like other Moroccan bank-affiliated asset managers, the close relationship between the asset manager and its capital market business of the bank is subject to potential conflicts of interests. The company staff is stable and overall well experienced, with a clear and high separation of duties (dedicated risk manager, analysts, trader).Controls: A new risk manager was appointed in 2012 (internal move from operations), as well as a new internal controller (from CDVM, the Moroccan securities authority), both replacing previous departures. The control framework, much driven by the CDVM, is good and facilitated by more automation in MANAR, the central position keeping tool; and an operational risk mapping has been updated. Fitch expects these teams to stabilise and progressively pursue developments in the area of conflicts of interest/anti-money laundering ('Know Your Clients' procedure) and transactions (formalisation of counterparty risk monitoring, liquidity risk, best execution). Fitch notes the structural problem of a lack of liquidity in the Moroccan market environment.Investments: The investment team is well staffed, with a dedicated Analysis & Research desk and an Engineering & Structuring desk, which works on structured and innovative products, such as the Gold-indexed fund (Attijari Gold) launched in June 2012. Fixed income and equity investment processes are disciplined and well structured, drawing on mostly internal fundamental research and formalised around committee sequences and model portfolios.Operations: Operational and valuation procedures are efficient and adequately controlled, with MANAR being the core, front-to-back backbone, having full coverage and almost complete automation (broker/custodian matching are still partially done manually). Client reports, automated with Crystal Reports, follow good practices in terms of frequency and delay, although the company does not yet have a dedicated website (in construction).Technology: IT development is fully externalised to AWB with a Service Level Agreement in place, while one dedicated member of staff remains at Wafa Gestion and acts as a gateway between users and AWB, as well as with the MANAR provider (Perennity) for adequate upgrades. The business continuity plan, overseen and managed by AWB, is expected to be finalised by end-2013.Incorporated in 1995, Wafa Gestion is the asset management arm of AWB, its main shareholder with 66% of the capital, while the remainders of the shares are held by the French asset manager, Amundi. Wafa Gestion employed 45 staff at end-March 2013 and was managing assets totalling MAD68.4bn (about EUR6.1bn) on behalf of Moroccan institutional investors, large corporates and retail clients. Wafa Gestion invests almost solely in the local market and covers all asset classes although a large portion (90%) of AUM is concentrated in money market and bond products, in line with the local market.RATING SENSITIVITIES The rating may be sensitive to material adverse changes to any of the aforementioned rating drivers, notably through weakened financial conditions, heightened staff turnover or deterioration of processes and policies. A material deviation from Fitch guidelines for any key rating driver could cause the rating to be downgraded by Fitch.Contact: Primary AnalystFrancois Vattement, CFAAnalyst+33 1 44 29 92 75Fitch France S.A.S.60 rue de MonceauParis 75008Secondary AnalystManuel Arrive, CFASenior Director+33 1 44 29 91 77Committee ChairpersonAymeric Poizot, CFA, CAIAManaging Director+33 1 44 29 92 76Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com.Additional information is available on 
  www.fitchratings.com
 Applicable criteria, 'Asset Manager Rating Criteria', dated 22 April 2013, are available at 
  www.fitchratings.com.
 Applicable Criteria and Related Research: Asset Manager Rating Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=706476
 Additional Disclosure Solicitation Status 
  http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=793680
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