Morocco : Fitch Ratings assigns two BMCI asset management funds international ratings

In a recent note, American rating agency Fitch Ratings has given BMCI Treso Plus and InstiObligations Etat International Fund Credit Quality Ratings and Market Risk Sensitivity Ratings of 'BB+f'/'S2' and 'BB+f'/'S4' respectively.

BMCI Asset Management (BMCI AM) manages the two funds, Fitch Ratings wrote. The International Fund Credit Quality Ratings «are driven by the funds' primary focus on Moroccan government securities and reverse repurchase agreement backed by such securities», Fitch Ratings said.

BMCI Treso Plus «has a maximum duration of six months, resulting in low sensitivity to interest-rate and spread risks, while InstiObligations Etat has a maximum duration of five years and a target duration of 2.5 years, resulting in a moderate-to-high sensitivity to interest-rate and spread risks», it concluded.