Fitch Ratings announced that it has affirmed Eqdom's National Long-term Rating at 'AA(mar)' with Stable Outlook. The rating agency also affirmed Eqdom's Support Rating at '3'. National Short-term rating: affirmed at 'F1+(mar)'

According to Fitch, Eqdom's ratings are based on the potential support from its ultimate largest shareholder, Societe Generale (SG; 'A+'/Negative), if required. The report issuer believes that although SG has a high ability to support Eqdom, the probability of support is moderate as SG is not a direct majority shareholder.

Eqdom's integration into SG is moderate, although its management is relatively independent. Nevertheless, SG and SGMB together control Eqdom's board.

Moreover, Eqdom benefits from SGCF's credit risk tools and procedures and from funding support from SGMB (which provided 40% of Eqdom's bank loans at end-H112).

A downgrade of Eqdom's National and Support Ratings could result from reduced integration into SG or a multiple-notch downgrade of SG's IDRs. Eqdom's Support Rating could also be downgraded if Morocco's Country Ceiling was downgraded significantly.