...Support-Driven Ratings: 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 (BNPP; A+/Stable), 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 of `BBB'. Strong Ability to Support: Fitch Ratings believes BNPP has ample resources to support BMCI, whose assets accounted for less than 0.5% of BNPP's at end-2015. Strategically Important Subsidiary: Morocco accounts for about half of BNPP's activities in Africa in terms of operating income, net income and number of branches, and BMCI is BNPP's only African subsidiary to have reached over 6% domestic market share in loans at end-2015. It is the fifth-largest bank in the country. Fitch views Morocco as strategically important to BNPP's retail banking franchise in the Mediterranean basin. Stable Ownership: Ownership has not changed, with...
