... de Banques' (SGMB) ratings are based on Fitch Ratings' belief that there would be a high probability of support from its majority (57%) shareholder, SociTtT GTnTrale (SG; A/Negative; 1). This reflects SG's strong ability (as indicated by its rating) and willingness to provide support to SGMB. The Negative Outlook on SGMB's National Long-Term Rating mirrors that on SG's Long-Term IDR. SG's Long-Term IDR is based on potential support from the French state, in case of need. In Fitch's view, this support would flow through to SGMB given the strategic importance of the Moroccan subsidiary, whereas not providing support would materially damage SG's reputation. Strategically Important Subsidiary: Fitch sees SGMB as a strategically important subsidiary for SG given SG's majority ownership and SGMB's important role in the development of SG's retail banking business in the Mediterranean Basin. SGMB is SG's largest subsidiary in North Africa and Morocco's...
