...Support Drives Ratings: Eqdom's ratings are based on a high probability of support from its ultimate majority shareholder, SociTtT GTnTrale S.A. (SG; A/Stable), in case of need. Eqdom's main shareholders are SG Financial Services Holding (SG FSH, 100% owned by SG) and SociTtT GTnTrale Marocaine de Banques (SGMB, AAA(mar)/Stable; 57.5% controlled by SG). Their respective stakes in Eqdom are 35.0% and 18.8%. Strong Ability to Support: Fitch Ratings believes that SG has ample resources to support Eqdom, whose assets accounted for less than 0.1% of SG's assets at end-2017. Limited Strategic Importance to SG: Fitch believes that Eqdom is of limited strategic importance to SG due to its small size and negligible contribution to SG's operating profit. Nevertheless, SG is aiming to develop synergies between its specialised financial services and its retail banking subsidiaries globally, and Morocco is no exception. Eqdom is the second- largest consumer finance company in Morocco, with an overall...
