...State Support Drives IDRs: Credit Immobilier Et Hotelier's (CIH) Issuer Default Ratings (IDRs) reflect a moderate probability of support from the Moroccan state. The Stable Outlook on CIH's IDR reflects that on the Moroccan rating. We do not consider CIH to be a domestic systemically important bank (D-SIB) in Morocco given its limited market share (only 4%). Nevertheless, this is offset by its indirect state ownership and its Support Rating Floor (SRF) is at the same level as the D-SIBs' SRF. Indirect State Ownership: CIH is 67.9% owned by Caisse de Depot et Gestion (CDG), a leading public-sector investor. Changing Business Model: The bank's Viability Rating (VR) reflects its modest franchise, a rapidly changing business model and high growth, which puts pressure on overheads and capitalisation. Real estate development and retail housing loans are still core activities (50% of loans at end-1H19) but the bank is developing corporate and SME loans (34% of loans) and consumer lending (16%)....
