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Fitch downgrades the rating of three banks in Morocco

The American rating agency Fitch Ratings has downgraded the long-term issuer default ratings in foreign currencies and in local currency of three Moroccan banks.

In a statement released Tuesday, Fitch Ratings announced the downgrade of Attijariwafa Bank (AWB), CIH and Bank of Africa (BOA) from BB+ with negative outlook to BB with stable outlook.

The rating agency also downgraded the Support Rating Floors (SRF) of the three banks from BB+ to BB.

The agency explains that the downgrading reflects “Morocco’s weaker capacity to provide support to banks when needed, due to widening public deficits and an increase in the public debt to GDP ratio”.

The rating comes as Fitch Ratings downgraded the long-term foreign currency default issuer rating from BBB- to BB+ in October, with a stable outlook for Morocco.

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