...Sovereign Support Drives IDRs: BMCE's Issuer Default Ratings (IDR) are driven by a moderate probability of support from the Moroccan sovereign (BBB-/Stable). This reflects the bank's domestic systemically important bank (D-SIB) status in Morocco, where it has a 13% market share. The Stable Outlook mirrors that on the sovereign. Weak Operating Environment: BMCE operates in 19 African countries other than Morocco. Its African subsidiaries represent around a third of consolidated assets and generated around 40% of net income in 1H19. The operating environment in other African countries is often less developed than in Morocco. This weighs on the Viability Rating (VR). Renewed Growth: BMCE was one of Morocco's fastest-growing banks in 2014¡2016 but growth has slowed since then. The bank's 2019-2021 strategic plan suggests renewed growth, with a focus on SME lending, continued simplification of the African banking networks, and enhanced digitalisation. Vulnerable Asset Quality: Impaired loans...
