...Support-Driven Ratings: Credit Immobilier Et Hotelier's (CIH) Issuer Default Ratings (IDRs) reflect potential support from Caisse de Depot et Gestion (CDG), a public sector entity controlling 65.9% of CIH. Fitch Ratings believes there is a high propensity of the state to support CDG and CDG to support CIH, if required. However the overall probability of support is only moderate given Morocco's sovereign rating (BBB-/Stable). Moderate Franchise: CIH's share of Morocco's banking sector loans is around 5%. The bank's Viability Rating (VR) reflects its moderate franchise and significant asset and liability maturity mismatches. It also reflects a less diversified business model relative to that of peers. CIH's business plan focuses on diversification to reduce its dependence on real estate development and retail mortgage activities. However, the bank remains exposed to a downturn in the real estate market, which weighs on its VR. Business Model Diversifying: CIH's origin is in retail mortgages...
