Fitch affirms Banque Marocaine, Eqdom

Fitch Ratings said it affirmed Banque Marocaine pour le Commerce et l'Industrie's national long- and short-term ratings at AAA(mar) and F1+(mar), respectively, and Eqdom's national long- and short-term ratings at AA(mar) and F1+(mar), respectively.

The outlook remains stable.

The ratings are underpinned by the support they can expect from their main shareholders, which are France's BNP Paribas and Societe Generale.

Fitch said it believes there is an extremely high probability that BNP Paribas would support Banque Marocaine if needed. However, the support is capped by Morocco's sovereign country ceiling of BBB.

Fitch believes Societe Generale would provide support for Eqdom, if required. However, given that Societe Generale is not a direct majority shareholder, Fitch said the probability of such support is moderate.

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