Capital Intelligence affirms ratings of BMCE Bank
Capital Intelligence (CI) affirmed the ratings of BMCE Bank, based in Casablanca, Morocco. The Financial Strength Rating (FSR) is maintained at 'BBB-'. It is supported by the improved profitability in 2013, steady – if modest – capital adequacy, and slight growth in liquid assets. The FSR remains constrained by the growth in non-performing loans (NPLs) in 2013, tight loan-based liquidity ratios and still low returns. The Outlook for the FSR is affirmed at 'Stable'. BMCE's Long and Short-Term Foreign Currency Ratings (FCR) are affirmed at 'BBB-' and 'A3' respectively, with a 'Stable' Outlook. The Support Rating is maintained at '2', reflecting the Bank's franchise and likely support from the shareholders initially – and from the Central Bank.