27th Dec 2006 10:48
Banque Marocaine Du Commerce Exteri27 December 2006 BMCE BANK, FIRST MOROCCAN BANK TO BE ASSIGNED AN INVESTMENT GRADE RATING FOR DEPOSITS IN DIRHAMS FROM MOODY'S Confirming its role as a pioneer institution in the banking and financial sectoras well as its leadership in the field of innovative financial operations inMorocco, BMCE Bank was assigned an Investment Grade rating on its long andshort-term local currency deposit ratings by the International Agency Moody's. Indeed, based on in-depth due diligence, Moody's attributed to BMCE Bank an A3/P-2 for this category of deposits. BMCE Bank thus represents the first and sole Bank in Morocco to obtain suchrating. This rating, which reflects a good long term credit quality as well as secondbest rating in the short term rating, is reflected by the strong franchise ofthe Bank, an improved assets quality with a better provision coverage comparedto Moroccan peers. It also indicates a comfortable liquidity profile, a capitaladequacy considered sufficient, all despite a Moroccan economic environmentcharacterized as volatile by Moody's. Lastly, this rating allows BMCE Bank, comforted in its financial strength, topursue its sustained strategy of Moroccan and international expansion, to complywith Basle II requirements once applicable in Morocco, and to accessinternational financial markets under better conditions. December 15th, 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BMED.L