...Support Drives Ratings: Credit Immobilier Et Hotelier's (CIH) Issuer Default Ratings (IDRs) reflect potential support from Caisse de Depot et de Gestion (CDG), a public-sector entity controlling 65.9% of CIH. Fitch Ratings believes that the state has a high propensity to support CDG if required, as does CDG to support CIH. How ever, the overall probability of support is only moderate given Morocco's sovereign rating (BBB-/Stable). Moderate but Diversifying Franchise: CIH is expanding its lending activities to the corporate (12% of gross end-1H18 loans) and consumer sectors (16%), in line w ith plans to diversify aw ay from core residential housing loans (44%) and real estate development lending (19%). CIH operates exclusively in Morocco w here it controls a 5% deposit market share. The range of CIH's digital retail products is one of the country's most advanced, w hich should drive grow th. Strong Parent Oversight: Management is experienced in its core business activities. CDG is represented...
