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���������ֳ�-London/Paris/Tunis-25 November 2009: ���������ֳ� has today affirmed Eqdom's National Long- and Short-term ratings at 'AA(mar)' and 'F1+(mar)', respectively. The Outlook for the National Long-term rating is Stable. Eqdom's Support Rating is affirmed at '3'.

The company's National ratings are underpinned by the support it could expect to receive from Societe Generale (SG, rated 'A+'/'F1+'/Outlook Stable). However, given that SG is not a direct majority shareholder, ���������ֳ� views the probability of such support as moderate. Eqdom's largest shareholders are Societe Generale Financial Services Holding (100% owned by SG) and Societe Generale Marocaine de Banques (SGMB, 56.9% controlled by SG) which hold respective ownership stakes of 35% and 19% in the company.

Eqdom's operating profit ratios remained at good levels at end-H109, with operating ROAA and operating ROAE at 4.6% and 29.7% respectively. Asset quality has stabilised in recent years, but remains weak with impaired loans amounting to a significant 12.2% of gross loans at end-H109. However, about two thirds of Eqdom's impaired loans date back prior to 2004 and unreserved impaired loans represented a moderate 9% of equity at end-H109. Liquidity is tight: as a consumer finance company, Eqdom relies exclusively on wholesale funding. At end-Q309, around 80% of the funding base was provided from local banks with a significant contribution from SGMB. Eqdom is also active in the domestic debt capital markets with a MAD2.4bn debt issue programme (of which MAD1.4bn was drawn at end-Q309). Liquidity risk is mitigated by the potential support that could be provided by SG. Eqdom's Basel I Tier 1 ratio is adequate at 14.9%, given the company's risk profile.

Eqdom is the second-largest consumer finance company in Morocco, with a 26% loan market share, and is regulated by the Moroccan central bank. Eqdom's loan book mainly consisted of unsecured consumer loans (74%) at end-H109, almost all of which were salary assigned. Leasing (mainly cars) with a purchase option and car financing accounted for 15% and 11% of the loan portfolio, respectively, at end-H109.

Contacts: Malek Soubra, London, Tel: + 44 (0) 20 7417 6321; Sonia Trabelsi, Tunis, +216 71 840 902.

Media Relations: Francoise Alos, Paris, Tel: +33 1 44 29 91 22, Email: francoise.alos@fitchratings.com; Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.

Note to Editors: ���������ֳ�'s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(mar)' for National ratings in Morocco. Specific letter grades are not therefore internationally comparable.

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