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American credit rating agency Fitch Ratings revised, Monday, Morocco’s Attijariwafa Bank (AWB), Bank of Africa (BOA) and Credit Immobilier et Hotelier (CIH) outlooks to negative from stable. The agency also affirmed the three bank’s Long-Term Foreign-and Local-Currency Issuer Default ratings (IDRs) at ‘BB+’.
The rating agency explains that its ratings are based on the probability of support from the Moroccan sovereign, whose rating is ‘BBB-‘ with a negative outlook. Fitch expects the Moroccan authorities to back the three banks if needed as they are considered of major importance.
On the same day, Fitch affirmed Morocco’s Banque Marocaine pour le Commerce et l'Industrie (BMCI), Societe Generale Marocaine de Banques (SGMB) and Eqdom’s National Long-Term Ratings at 'AAA(mar)', 'AAA(mar)' and 'AA+(mar)', respectively, with a stable outlook.
«BMCI's ratings are based on Fitch's opinion of a high probability of support from the bank's majority shareholder, BNP Paribas (BNPP; A+/Rating Watch Negative; RWN), if required», wrote Fitch, adding that the same assessment applies to SGMB and Eqdom.
Fitch’s ratings for these Moroccan banks come as the agency expects Morocco’s economy to fall by 4.5% in 2020 because of the global health crisis and its consequences. On April 28, Fitch reviewed Morocco’s sovereign rating at ‘BBB-‘ with a negative outlook, from ‘stable’ previously.
