Morocco Credit: CI Ratings Confirms ‘BB+’ Rating with Stable Outlook
Capital Intelligence Ratings Reaffirms Crédit du Maroc’s Strong Position
International financial rating agency Capital Intelligence Ratings (CI Ratings) maintains its confidence in the solidity of Crédit du Maroc. In its assessment published on Friday, August 28, the agency confirmed the bank’s long-term foreign currency rating at "BB+" and its short-term rating at "B," with a stable outlook.
CI Ratings has also retained the bank’s intrinsic rating at "bb" and its fundamental financial strength rating. The long-term rating remains one notch above the intrinsic rating, a gap that the agency justifies due to the potential for public support in times of need.
Moderate Probability of Public Support
Crédit du Maroc currently ranks eighth in Morocco’s banking sector and represents about 5% of customer deposits, according to CI Ratings. The agency posits that this market presence makes a possible intervention by Moroccan authorities plausible in the event of significant difficulties. However, the bank’s weight is not deemed sufficient to categorize it as systemic within the broader financial system.
CI Ratings thereby assesses the likelihood of extraordinary support from Moroccan authorities as "moderate." This evaluation helps maintain the one-notch gap between the intrinsic rating of "bb" and the long-term foreign currency rating of "BB+."
19.4% Increase in Semiannual Profit
The confirmation of the rating comes at a time when Crédit du Maroc is displaying significant growth in its results for the first half of 2026. The bank recorded a net profit attributable to the group of 531.7 million dirhams, up from 445.2 million dirhams a year earlier, marking a 19.4% year-on-year increase.
Net banking income stood at 1.91 billion dirhams, reflecting a 7.8% rise compared to the first half of 2025. These performances indicate an improvement in the bank’s operations as CI Ratings continues to monitor its financial profile and position in the Moroccan market.
Maintaining the "BB+" Rating Since Shareholder Change
The current rating of Crédit du Maroc takes place against the backdrop of Crédit Agricole SA’s gradual exit from its capital. CI Ratings had downgraded the long-term foreign currency rating from "BBB-" to "BB+" earlier in 2023, while the intrinsic rating decreased from "bb+" to "bb." This revision occurred after the change of control at Crédit du Maroc in favor of the Moroccan group Holmarcom.
Holmarcom Increases Its Stake to Approximately 79%
Holmarcom acquired a majority stake from Crédit Agricole in December 2022. The Moroccan group subsequently finalized the acquisition of the 15% still held by Crédit Agricole SA in June 2024, increasing its ownership in Crédit du Maroc to approximately 79%. The withdrawal of the French banking group notably ended the potential benefit of direct support from the previous strategic shareholder, whose financial strength had previously been a favorable factor in the evaluation of Crédit du Maroc.
Despite this shift in ownership, CI Ratings continues to maintain Crédit du Maroc’s rating at "BB+", taking into account its role in the Moroccan banking system.
Stable Outlook for Crédit du Maroc
The new assessment published on August 28 does not alter the agency’s key evaluations. The long-term foreign currency rating remains set at "BB+", the short-term rating at "B," and the intrinsic rating at "bb." The outlook remains stable, confirming that CI Ratings does not anticipate any major changes that could soon alter the bank’s rating.
With an increase in profits for the first half of the year and a position representing about 5% of banking deposits in Morocco, Crédit du Maroc continues its development under Holmarcom’s control while maintaining an unchanged international rating.
