Moody’s revises Moroccan banks views

Moody's Investors Service said it affirmed the Ba1/NP local-currency deposit and Ba1 foreign-currency senior unsecured debt ratings of BMCE Bank and changed the outlook to stable from negative.

The agency also affirmed BMCE's Ba2/NP foreign-currency deposit ratings and its B1 foreign-currency subordinate debt rating.

Concurrently, Moody's affirmed the Ba1/NP and Ba2/NP local- and foreign-currency deposit ratings of Credit du Maroc and changed the overall outlook to positive from stable.

Moody’s said the outlook changes are driven by its assessment that the Moroccan government's capacity to support the banks is improving, as indicated by: (a) Improving external position reflected in the build-up of foreign exchange reserves in the wake of dynamic new export industries and lower nominal oil imports; and (b) declining fiscal imbalances, reflecting gradual but steady fiscal consolidation, supported by fuel subsidy and public pension reforms, which in turn increase the prospect of a gradual reduction in public-sector debt.

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