...Support Drives Ratings: BMCE Bank S.A.'s Issuer Default Ratings (IDRs), National Ratings, Support Rating and Support Rating Floor (SRF) are driven by a moderate probability of support from the Moroccan sovereign (BBB-/Stable). The Stable Outlook on the IDRs reflects the Outlook on the sovereign rating. Domestic Systemically Important Bank: Fitch Ratings believes the authorities would have a high propensity to provide any required support to BMCE. We regard BMCE as a domestically systemically important bank (D-SIB). However, the overall probability of support is only moderate given Morocco's financial strength. BMCE has a 14% market share in domestic deposits, lagging the other two D-SIBs, which have shares of about 25%. Risk Profile Influences VR: BMCE's ambition is to establish itself as a pan-African bank. African subsidiaries, which carry greater risks than Moroccan assets, represent about 30% of assets and contributed 39% of net income in 2017. The bank's elevated risk appetite has...
