In a report issued today, Fitch Ratings has affirmed Morocco-based Banque Marocaine pour le Commerce et l'Industrie's (BMCI) National Long-term Rating at 'AAA(mar)' with Stable Outlook and BMCE Bank's (BMCE) Support Rating at '3'.

According to the ratings agency, BMCI's ratings are based on support from its majority (66.7%) shareholder, BNP Paribas (BNPP, 'A+'/Stable), if required. Given BNPP's strong capacity and history of support to group entities, Fitch believes that it is highly likely that BNPP would provide support to BMCI, if required. BMCI is of small size relative to BNPP, which makes financial support from BNPP easier to provide.

A downgrade of BMCI's National and Support Ratings may result from a reduction in BNPP's stake in BMCI or a multiple-notch downgrade of BNPP's Long-Term IDR, which Fitch does not expect. BMCI's Support Rating is constrained by Morocco's Country Ceiling of 'BBB'. BMCI's Support Rating could also be revised if Morocco's Country Ceiling was downgraded or upgraded significantly, Fitch said.

BMCE's Support Rating of '3' reflects Fitch's view that the Moroccan authorities would provide support to BMCE Bank if needed, given its large franchise in the country. Nevertheless the probability of support is moderate considering Morocco's financial strength ('BBB-'/Stable), Fitch indicated.