...Ratings Driven by Support: Banque Marocaine pour le Commerce et l'Industrie's (BMCI) ratings are based on a high probability of support from its majority shareholder (BNP Paribas) in case of need. This reflects BNPP's strong ability and willingness to provide support to BMCI. BMCI's Support Rating is constrained by Morocco's Country Ceiling (BBB). Strong Ability to Support: As indicated by its Long-Term IDR of A+/Stable, BNPP is a very solid financial institution. Fitch believes BNPP has ample resources to support BMCI, whose assets and equity account for only 0.3% and 0.8% of BNPP's, respectively. Strategically Important Subsidiary: Morocco currently accounts for half of BNPP's activities in Africa in terms of operating income, net income or number of branches, and is BNPP's only African subsidiary that has reached a 5% domestic market share. Fitch considers Morocco to be strategically important to BNPP's retail banking franchise in the Mediterranean basin. Stable Ownership Stake: BMCI...
