Bank of Africa affirmed

Bank of Africa’s (BOA) long-term foreign- and local-currency issuer default ratings (IDRs) have been kept at BB, by Fitch Ratings.

The Morocco-based financial services company has been affirmed on expected support from the Moroccan government.

Fitch believes the Moroccan authorities’ propensity to support the banking sector remains high.

The rating agency has also kept BOA’s outlook at stable to mirror that of Morroco.

This comes after Fitch dropped BOA’s outlook from stable to negative following the revision of Morocco’s rating, in 2020.

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