...Support Drives Ratings: Banque Marocaine du Commerce Exterieur's (BMCE) Issuer Default Ratings (IDRs), National Ratings, Support Rating (SR) and Support Rating Floor (SRF) are driven by a moderate probability of support from the Moroccan sovereign (BBB-/Stable). The Stable Outlook on the ratings mirrors 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 BCME. We regard BMCE as a domestic systemically important bank (D-SIB). However, the overall probability of support is only moderate given Morocco's financial strength. BMCE has a 15% market share in deposits, lagging the two other 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 represent about 30% of assets and contributed 32% of net income in 2016. However, African assets carry higher risks than Moroccan assets...
