...IDRs Driven by Sovereign Support: BMCE Bank's (BMCE) Issuer Default Ratings (IDRs), National Ratings, Support Rating (SR) and Support Rating Floor (SRF) reflect Fitch Ratings' view that there is a moderate probability that the Moroccan authorities would support BMCE if necessary. The Moroccan authorities would have a high propensity to support BMCE if need be, in light of BMCE's systemic importance in Morocco. However, Fitch views the probability of support as only moderate considering Morocco's own financial strength (BBB-/Stable). Standalone Strength Constrained: The combination of BMCE's modest capital ratios and high risk appetite acts as a constraint on its Viability Rating (VR). The VR also factors in BMCE's solid domestic franchise, modest asset quality, overall solid funding and liquidity profile and sound profitability. High Risk Appetite: BMCE has substantial activities in sub-Saharan African (24% of its loans book at end-2014). It is present in west and east sub-Saharan Africa...
