(The following statement was released by the rating agency)
PARIS/LONDON, August 06 (Fitch) Fitch Ratings has affirmed
Marocaine pour le Commerce et l'Industrie's (BMCI) National
Long-term Rating at
'AAA(mar)' with a Stable Outlook and its Support Rating at '2'.
A full list of
rating actions is available at the end of this rating action
KEY RATING DRIVERS: BMCI's NATIONAL AND SUPPORT RATINGS
BMCI's ratings are based on Fitch's belief that there would be a
probability of support from its shareholder, BNP Paribas (BNPP,
required. This reflects BNPP's strong ability (as indicated by
its rating) and
willingness to provide support to BMCI. BMCI's Support Rating is
Morocco's Country Ceiling of 'BBB'.
BMCI is majority-owned (66.77%) by BNPP. It shares the same
branding as its
parent and is strategically important to the development of
banking in the Mediterranean Basin. Fitch does not foresee a
reduction in BNPP's
presence in Morocco. BMCI is small in size relative to BNPP,
financial support from BNPP easier to provide.
BMCI is strongly integrated into BNPP as the latter controls
board, is well represented in the bank's senior management and
BMCI's risks and business strategy.
BMCI is consistently profitable and has a solid presence in the
market (fifth-largest bank by total assets; 7% share of
deposits). Overall, BNPP
has a strong history of support of group entities.
RATING SENSITIVITIES: BMCI's NATIONAL AND SUPPORT RATINGS
A downgrade of BMCI's National and Support Ratings may result
from a reduction
in BNPP's stake in BMCI, reduced strategic importance to or
with BNPP, or a multiple-notch downgrade of BNPP's Long-Term
Rating (IDR), which Fitch does not expect. BMCI's Support Rating
could also be
downgraded if Morocco's Country Ceiling is revised downwards by
at least two
The ratings actions are as follows:
National Long-Term Rating: affirmed at 'AAA(mar)'; Outlook
National Short-Term Rating: affirmed at 'F1+(mar)'
Support Rating: affirmed at '2'
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Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153,
Additional information is available on www.fitchratings.com.
Applicable criteria, 'Global Financial Institutions Rating
Criteria', dated 31
January 2014, and 'National Scale Ratings Criteria', dated 30
October 2013, are
available at www.fitchratings.com.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
National Scale Ratings Criteria
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