...Support-Driven Ratings: Credit Immobilier Et Hotelier's (CIH) Issuer Default Ratings (IDRs) reflect a moderate probability of support, if required, from the bank's 65.9% shareholder, Caisse de Depot et Gestion (CDG). CIH's Viability Rating (VR) reflects its moderate franchise and concentrations in real estate development and retail mortgages, some weaknesses in asset quality, significant asset and liability maturity mismatches, and expansion plans that will likely result in an erosion of current capital buffers. The VR also considers the bank's experienced management team, acceptable risk controls and steady performance. Moderate Probability of Support: CDG is a public sector entity and Morocco's leading institutional investor. Fitch Ratings believes the Moroccan state's propensity to support CDG if needed is very high, as is CDG's propensity to support CIH, if required. However, the overall probability of support for CIH from CDG is considered to be moderate. The Stable Outlook reflects...
