Fitch affirms Attijariwafa Bank

Fitch Ratings said it affirmed Attijariwafa Bank's long-term foreign-currency issuer default rating at BB+, along with its long-term local-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at B, short-term local-currency issuer default rating at F3, national long-term rating at AA-(mar) and short-term rating at F1+(mar).

The outlook is stable.

The ratings are based on the potential support expected from the Moroccan authorities given the bank's strong franchise in Morocco, Fitch said.

The ratings also reflect its strong domestic franchise, satisfactory profitability and adequate liquidity, the agency said. It also considers high borrower concentration, deteriorating asset quality and weak capitalization, Fitch added.

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