Moody's lowers Credit du Maroc

Moody's Investors Service said it downgraded the local-currency deposit ratings of Credit du Maroc to Baa3/Prime-3 with a negative outlook from Baa2/Prime-2 and lowered the standalone credit assessment to Ba3 from Ba2.

Moody's said the downgrade was prompted by the weakening in the bank's standalone profile, including deteriorating asset quality, modest loss-absorption capacity and tightening liquidity.

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