Apr 20 2007 |
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Fitch Upgrades Morocco's AWB's IDR and BMCI's, Credit du Maroc's and SGMB's Support Ratings
Fitch Ratings-London/Paris/Tunis - Fitch Ratings has today upgraded Attijariwafa Bank 's (" AWB ") foreign and local currency Issuer Default ratings to 'BB+' from 'BB'. At the same time, it has upgraded the Support ratings for Banque Marocaine pour le Commerce et l'Industrie (" BMCI "), Credit du Maroc (" CM ") and Societe Generale Marocaine de Banques (" SGMB ") to '2' from '3'.AWB 's Short-term foreign and local currency ratings are affirmed at 'B'. Its Long- and Short-term National ratings are affirmed at 'AA-(AA minus)(mar)' and 'F1+(mar)', respectively. Its Individual and Support ratings are affirmed at 'C/D' and '3' respectively. The Outlooks on AWB 's ratings remain Stable. BMCI 's Long- and Short-term National ratings are affirmed at 'AAA(mar)' and 'F1+(mar)', respectively. The Outlook on BMCI 's Long-term National rating remains Stable.
Today's action follows the assignment today of foreign and local currency Issuer Default ratings of 'BBB-' (BBB minus) and 'BBB' respectively to Morocco's sovereign.
AWB 's Individual rating reflects its strong domestic franchise, satisfactory profitability and adequate liquidity. AWB 's other ratings are based on the potential support expected from the Moroccan authorities in case of need.
BMCI 's National and Support ratings are underpinned by the support it can expect from its main shareholder, BNP Paribas ("BNPP", rated 'AA'/'F1+'). CM 's and SGMB 's Support ratings of '2' reflect the high probability of support from their main shareholders, Credit Agricole S.A. ("CASA", rated 'AA'/'F1+') and Societe Generale ("SG", rated 'AA'/'F1+') respectively, in case of need.
AWB , which was created in December 2004 from the merger between Banque Commerciale du Maroc and Wafabank, is the largest player in Morocco's commercial banking market, where it controls around 27% of the system's deposits. BMCI is the fourth-largest bank in Morocco, with around 9% and 14% market shares of deposits and loans respectively. It is 65%-owned by BNPP. SGMB group is Morocco's fifth-largest retail bank with around 8% and 11% market shares of deposits and loans respectively. It is 53%-owned by SG. CM , which is 53%-owned by CASA, was Morocco's sixth-largest bank, with a 6% market share of deposits and a 7% market share of loans at end-June 2006.
Updated research on
AWB
,
BMCI
,
CM
and
SGMB
will be available shortly on the agency's subscription website www.fitchresearch.com under Financial Institutions/Banks/Summary Pages.
Note to Editors:
Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(mar)' for National ratings in Morocco. Specific letter grades are not therefore internationally comparable.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
For more information please contact:
Anne Ries
Paris
Tel: + 33 1 44 29 92 72
Sonia Trabelsi
Tunis
Tel: +216 71 840 902
Media Relations
Francoise Alos
Paris
Tel: +33 1 44 29 91 22
Julian Dennison
London
Tel: +44 20 7862 4080
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