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Moody's assigns national-scale ratings to Crédit du Maroc

Moody's on Dec. 7 assigned Crédit du Maroc SA a national-scale local-currency deposit ratings of Aa1.ma/MA-1.

The agency also assigned national-scale foreign-currency deposit ratings of Aa3.ma/MA-1 to the Moroccan lender.

At the same time, the bank's local-currency deposit ratings were affirmed at Ba1/NP, its baseline credit assessment at "ba3," its adjusted BCA at "ba1" and its foreign-currency deposit ratings at Ba2/NP.

The affirmations were the result of the bank's moderate macro profile; weak profitability and asset quality metrics, with the bank's nonperforming loans comprising 12.4% of all loans as of June; moderate capital buffers, with a reported Tier 1 ratio of 10.6% as of June; a stable deposit base that supports the bank's funding and liquidity profile; and a high probability of support from the parent, Crédit Agricole Group, if required.

The outlook was kept stable, reflecting Morocco's "solid" economic growth prospects and the agency's expectations that this will revive the bank's profitability and asset quality metrics after two years of business reorganization. It also reflects stability at the parent group and its continued support to Crédit du Maroc.