International rating agency, Fitch Ratings, has withdrawn the 'BB' Long-term foreign currency rating of Banque Marocaine du Commerce Exterieur (BMCE). The bank's Support rating of ‘4T’ has been affirmed.
A Support rating of ‘4T’ indicates that, in Fitch’s opinion and given BMCE's size and market share, official support for the bank is likely but not certain. In view of Morocco's financial condition, the ‘T’ suffix denotes the possibility of transfer risk arising.
According to a Fitch press release, the agency considers that the nature of its relationship with BMCE no longer enables it to continue to assign a long-term rating to the bank. However, as part of Fitch's market coverage of Moroccan banks, regular short reports on the bank will continue to be produced and Fitch will maintain BMCE's support rating.
BMCE, Morocco's second largest bank ranked by assets with a market share of some 15 percent, holds a dominant position in export finance. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
