Three Moroccan banks downgraded

Three Morocco-based financial services company’s long-term foreign-currency have been pulled down, by Fitch Ratings, following the downgrade of their country’s standing.

Fitch has downgraded Attijariwafa Bank (AWB), Bank of Africa (BOA) and Credit Immobilier Et Hotelier (CIH), from BB+ to BB.

The rating agency has also similarly dropped their local-currency issuer default ratings (IDRs from BB+ to BB.

This comes just after the downgrade of Morocco’s long-term foreign-currency IDR to BB+ from BBB- by Fitch, earlier in 2020. This was due to deteriorating financial metrics on the back of the coronavirus disease 2019 (COVID-19) crisis.