🇲🇦 Casablanca Stock Exchange

The Casablanca stock market has experienced a tough 2020 year.

Fitch Ratings has downgraded Morocco-based Attijariwafa Bank (AWB), Bank of Africa (BOA) and Credit Immobilier Et Hotelier's (CIH) Long-Term Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs) to 'BB' with a Stable Outlook from 'BB+' with a Negative Outlook. Fitch has also revised down the three banks' Support Rating Floors (SRFs) to 'BB' from 'BB+', while affirming their Support Ratings at '3'. The National Ratings and Viability Ratings (VRs) are unaffected by this rating action.

Moody's Investors Service has affirmed the long- and short-term foreign currency deposit ratings of Groupe Banque Centrale Populaire (GBCP) at Ba2/NP as well as its long- and short-term local currency deposit ratings at Ba1/NP. Moody's has maintained the outlook on the bank's long-term deposit ratings at stable.

Fitch Ratings says Morocco's largest seven banks continued to show weak growth in 1H19, with sector deposits up by just 1% and lending up by 3%. In a new report, Fitch says deposit inflow slowdown is new while weakness in core lending trends was already visible in 2018.