May 06 2010 |
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Banque Centrale Populaire's ratings affirmed with a negative outlook assigned to the fianancial strength rating
Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed the Foreign Currency ratings of Morocco's Banque Centrale Populaire at BBB- (Long-term) and A3 (Short-term), which are at the sovereign ceiling for Morocco, and the Financial Strength rating at BBB-. The Support rating was maintained at 2. The Outlook for the Financial Strength rating is however placed on Negative. This action reflects possible upward pressure on Banque Centrale Populaire 's ( BCP ) non-performing loans on the back of slight tightening in the Moroccan economy. Economic growth for Morocco is expected to be a lower 4% in 2010 with the negative impact due to weaker export markets, particularly that of the Eurozone area.BCP displays a very high level of liquid assets, the result of interbank deposits accepted from the regional banks which are largely channelled into Moroccan government securities, cash and deposits with Bank Al-Maghrib. Profitability improved in 2009, aided by both non-interest and interest income, the latter driven by growth in BCP 's loan book. The high rate of loan growth, albeit from a small base, will need to be monitored as the portfolio matures through the economic cycle. BCP 's capital position has improved recently through increased Tier 1 and Tier 2 capital and this supports the overall position.
Group assets amounted to MAD208 billion at end 2009 with the Group overall holding a dominant market position in customer deposits. On a bank-only basis BCP is Morocco's third largest bank.
The Bank is the flagship government-controlled financial institution in Morocco.
BCP
's loan portfolio, which is mainly to corporates, is small but a growing portion of its assets. Groupe Banque Populaire dominates the customer-deposit market because of its network of regional cooperative banks, an associated substantial branch number, and its historic edge in collecting deposits from Moroccans residing abroad.
-Ends-
Contact:
Darren Stubing
darren.stubing@ciratings.com
Tel: 357 2534 2300
Tom Kenzik
tom.kenzik@ciratings.com
Tel: 357 2534 2300
© Press Release 2010
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