...Ratings Driven by Support: The Issuer Default Ratings (IDRs) 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, 57.4% owned by Societe Generale (SG; A/Stable) and BMCI, 66.7% owned by BNP Paribas (A+/Stable)). Asset Quality Under Pressure: The five major Moroccan banks' asset quality is modest by international standards and obligor concentration remains a weakness. Quality metrics have largely deteriorated since 2012 and Fitch expects this trend to continue in 2016. The main reasons are the fragile SME sector in an economy that is still awaiting a significant rebound in exports to Europe, the difficulties encountered by a few national players and the overall low demand for loans in the absence of strong economic growth. Diversification into...
