...Stable Rating Outlooks: The Issuer Default Ratings and National Ratings assigned to major Moroccan banks are driven by potential support, if required, from either the state or international parent banks. Our rating drivers have not changed and the Outlooks for the banks' ratings remain Stable, mirroring the Outlooks on both sovereign and parent bank ratings. Stable Sector Outlook: The pace of reform is cautious and we expect few, if any, structural changes to Morocco's banking sector in 2018. Our forecast is for GDP growth of about 3.8% a year over 2017-2019 and the pace of loan growth, recently about 5% a year, could pick up in 2018, spurred by ambitious public-sector investments. Stronger credit growth would ensure a more credit positive operating environment for banks. More Developed Retail Lending: Mortgages and personal loans represent about 30% of total sector lending, which is higher than in most African countries. Financial inclusion rates are high and a young population supports...
