...IDRs Driven By Support: The ratings of Attijariwafa Bank (AWB), BMCE Bank (BMCE), Banque Marocaine pour le Commerce et l'Industrie (BMCI) and Societe Generale Marocaine de Banques (SGMB) are driven by Fitch Ratings' expectations that they would be supported, either by the Moroccan state (AWB, BMCE) or by their majority shareholders (SGMB, 56.9% owned by Societe Generale (A/Stable) and BMCI, 66.7% owned by BNP Paribas (A+/Stable)). Reliance on Domestic Market: While international activities account for a growing portion of revenue at the three largest banks (Groupe Banque Centrale Populaire (GBCP), AWB and BMCE), Morocco remains the largest contributor to their operating profit. SGMB, BMCI and Credit Du Maroc (CDM) operate exclusively in Morocco. Declining Asset Quality: Asset quality ratios at the six major Moroccan banks are modest and have largely deteriorated since 2012. The three main reasons are the fragile SME sector in an economy that is still awaiting a significant rebound in exports...
