Reuters
(The following statement was released by the rating agency) PARIS/LONDON, August 06 (Fitch) Fitch Ratings has affirmed Morocco-based Fondation Attawfiq Micro-Finance’s (Attawfiq) National Long-Term Rating at ‘A-(mar)’ with a Stable Outlook, National Short-Term Rating at ‘F2(mar)’ and Support Rating (SR) at ‘3’. Fitch has subsequently withdrawn those ratings. Fitch will no longer provide rating or analytical coverage of Attawfiq as the rating of the issuer is no longer considered by Fitch to be relevant to the agency’s coverage. KEY RATING DRIVERS – NATIONAL RATINGS AND SR Attawfiq’s ratings are based on Fitch’s view that there would be a moderate probability of support from its founder Groupe Banque Centrale Populaire (GBCP), if required. GBCP is the second-largest bank in Morocco by total assets and is a systemically important domestic bank. In Fitch’s view, support from the state would flow through GBCP to Attawfiq, if needed. Morocco has a Long-term foreign currency Issuer Default Rating (IDR) of ‘BBB-‘ and a Long-term local-currency IDR of ‘BBB’, all on Stable Outlook. The ratings reflect GBCP’s ability (based on potential support available from the Moroccan state if needed) and willingness to support Attawfiq, given the tight links between the micro-finance entity and GBCP. Attawfiq is small in size relative to GBCP (less than 1% of GCBP’s assets at end-2013), which makes financial support from GBCP easier to provide, even if GBCP itself faces financial stress. Fitch views Attawfiq as strategically important to GBCP. However, Attawfiq’s micro-finance activity is not core to GBCP. Attawfiq operates independently from its founder with its own activity, name, branch network and employees. Attawfiq is highly dependent on GBCP for its funding and liquidity. It benefits from GBCP’s internal procedures and controls, risk management and IT systems. The Stable Outlook on Attawfiq’s National Long-term Rating indirectly reflects the Stable Outlook on Morocco’s Long-term IDRs, given that Fitch’s assessment of GBCP’s capacity to support Attawfiq factors in potential support from the Moroccan state. Attawfiq is the second largest microfinance association in Morocco, and originates micro loans to economically vulnerable individuals to help develop their businesses. Contact: Primary Analyst Sonia Trabelsi Director +33 144 29 91 42 Fitch France S.A.S 60 rue de Monceau 75008 Paris Secondary Analyst Solena Gloaguen Director +44 20 3530 1126 Committee Chairperson Eric Dupont Senior Director+33 1 44 29 91 31 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com. Applicable criteria, Global Financial Institutions Rating Criteria, dated 31 January 2014 and ‘National Scale Ratings Criteria’, dated 30 October 2013 are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteriahere National Scale Ratings Criteria hereAdditional Disclosure Solicitation Statushere ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
