... de Banques' (SGMB) ratings are based on a high probability of support from its majority shareholder (SociTtT GTnTrale ¡ SG) in case of need. This reflects SG's strong ability and willingness to provide support to SGMB. SGMB's Support Rating is constrained by Morocco's Country Ceiling (BBB). Strong Ability to Support: As indicated by its Long-Term IDR of `A'/Stable, SG is a very solid financial institution. Fitch Ratings considers that SG has ample resources to support SGMB, whose assets and equity account for 0.5% and 1.5% of SG's, respectively. Strategically Important Subsidiary: Retail banking is part of one of SG's three strategic business lines (international retail banking and financial services). SGMB is SG's largest subsidiary in Africa and is seen as the group's entry point to the continent. Stable Ownership Stake: SGMB has a reasonable franchise in Morocco (fourth-largest bank and largest foreign-owned bank with an 8% market share)...
