Fitch upgrades Eqdom

Fitch Ratings said it upgraded Moroccan Eqdom's ratings to national Long-tem A+(mar) from A(mar) and support to 3 from 4. Fitch affirmed Eqdom's national short-term rating at F1(mar).

The outlook is stable.

The upgrade reflects Fitch's revised view of the potential level of support for the company from French bank Societe Generale (AA-/F1+), which effectively controls it.

Eqdom is 53.6%-controlled by Societe Generale and 34.9%-controlled by SG Financial Services Holding.

It is being increasingly integrated into the Societe Generale group: strategy and risk management are tightly controlled by the bank, which is providing technical support to improve information technology and scoring systems; five of the 11 members of Eqdom's board of directors are Societe Generale group representatives; major senior management positions are controlled by bank appointees and the bank remains committed to the development of consumer finance business in Morocco, the agency said.

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