...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/Negative), and BMCI, 66.7% owned by BNP Paribas (A+/Stable)). Reliance on Domestic Market: Domestic banking remains the largest contributor to operating profit for GBCP, AWB and BMCE, although for the three largest banks, contribution from international activities is accounting for a growing portion of their operating profit. BMCI and SGMB operate exclusively in their domestic markets. Moderate Asset Quality: The asset quality ratios of the five major Moroccan banks are moderate compared with international standards. They will remain under pressure in 2015 - although at manageable levels - given the significant exposure...
