Banque Marocaine Du Commerce Exteri
27 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 sector
as well as its leadership in the field of innovative financial operations in
Morocco, BMCE Bank was assigned an Investment Grade rating on its long and
short-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 such
rating.


This rating, which reflects a good long term credit quality as well as second
best rating in the short term rating, is reflected by the strong franchise of
the Bank, an improved assets quality with a better provision coverage compared
to Moroccan peers. It also indicates a comfortable liquidity profile, a capital
adequacy considered sufficient, all despite a Moroccan economic environment
characterized as volatile by Moody's.


Lastly, this rating allows BMCE Bank, comforted in its financial strength, to
pursue its sustained strategy of Moroccan and international expansion, to comply
with Basle II requirements once applicable in Morocco, and to access
international financial markets under better conditions.


                                                             December 15th, 2006


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