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Fitch confirms the rating of “SG Maroc” and Eqdom

Fitch Ratings has confirmed the national and support ratings of “Société Générale Maroc” and raised Eqdom’s long-term national rating. “This upgrade follows the increase in SG Maroc’s stake in Eqdom and a closer integration strategy between the two companies,” the rating agency said.

Regarding the SG Maroc, Fitch believes that “there is a high probability of support from its shareholder Societe Generale to 57.5%”. SG Maroc is SG’s largest African subsidiary and is used as the group’s “hub” for the development and deployment of several pan-African projects, the agency notes. For its part, Eqdom’s rating is based on a “high probability of support from SG Maroc and finally from SG when needed”.

The ratings:

  • SG Morocco

National long-term rating: confirmed at “AAA (mar)”; Stable prospects

Short term national rating: confirmed at “F1 + (mar)”

Support rating: confirmed at “2”.

  • Eqdom

National long-term rating: reclassified from “AA (mar)” to “AA + (mar)”; Stable prospects

Short term national rating: confirmed at “F1 + (mar)”

Support rating: confirmed at “2”.

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