Sunday 31, August 2014 by Robin Amlôt

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.

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