...Support Drives 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), if needed. This reflects BNPP's strong ability and willingness to support 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 represented less than 7% of group equity at end-2016. Strategically Important Subsidiary: BMCI is BNPP's largest African subsidiary, accounting for about half of the group's African activities in terms of operating and net income contributions and branch network. BMCI is BNPP's only African subsidiary to have an established franchise. BMCI is Morocco's fifth-largest bank, with a 6% domestic market share of loans and is strategically important to BNPP's Mediterranean retail banking franchise. Stable Ownership: There has been no change in ownership,...
