August 6, 2014 / 3:56 PM / 3 years ago

Fitch Affirms Morocco's BMCI at 'AAA(mar)'/Stable

(The following statement was released by the rating agency) PARIS/LONDON, August 06 (Fitch) Fitch Ratings has affirmed Morocco-based Banque 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 commentary. KEY RATING DRIVERS: BMCI's NATIONAL AND SUPPORT RATINGS BMCI's ratings are based on Fitch's belief that there would be a high probability of support from its shareholder, BNP Paribas (BNPP, A+/Stable), if required. This reflects BNPP's strong ability (as indicated by its rating) and willingness to provide support to BMCI. BMCI's Support Rating is constrained by 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 BNPP's retail 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, which makes financial support from BNPP easier to provide. BMCI is strongly integrated into BNPP as the latter controls BMCI's supervisory board, is well represented in the bank's senior management and tightly oversees BMCI's risks and business strategy. BMCI is consistently profitable and has a solid presence in the Moroccan retail 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 lower integration with BNPP, or a multiple-notch downgrade of BNPP's Long-Term Issuer Default 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 notches. The ratings actions are as follows: BMCI National Long-Term Rating: affirmed at 'AAA(mar)'; Outlook Stable National Short-Term Rating: affirmed at 'F1+(mar)' Support Rating: affirmed at '2' Contact: Primary Analyst Sonia Trabelsi Director +33 1 44 29 91 42 Fitch France S.A.S 60 rue de Monceau 75008 Paris Secondary Analyst Solena Gloaguen Director +44 20 3530 1126 Committee Chairperson Eric Dupont Senior Director +33 1 44 29 91 31 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: Additional information is available on Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 31 January 2014, and 'National Scale Ratings Criteria', dated 30 October 2013, are available at Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here National Scale Ratings Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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