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The credit rating agency Standard and Poor`s (S&P) has maintained Morocco`s sovereign long term currency debt : 08/12/2011

The credit rating agency Standard and Poor`s (S&P) has maintained Morocco`s sovereign long term currency debt

The credit rating agency Standard and Poor`s (S&P) has maintained Morocco`s sovereign long term currency debt at « BBB » and its short term currency debt at "A-3", with a "stable" perspective.  

In a communiqué released in Paris on Wednesday, the agency has underlined that Morocco`s rating "has not been affected by the results of the anticipated legislative elections of November 25th"

After the nomination by King Mohammed VI of Mr. Abdelillah Benkirane, the General Secretary of the Development and Justice Party, who won the elections, S&P thinks that "the composition of the new government is not in itself a rating criterion".

It has noted, however, that its objective is to "know whether the new government is going to sustain the macroeconomic stability and fiscal consolidation through the implementation of medium-term political measures and the pursuit of structural reforms.

The agency has equally noted that the parliament emanating from these elections "will have to introduce organic laws to carry out the necessary changes accompanying the new constitution".

In March 2011, S&P increased Morocco`s rating sovereign currency long term debt from "BB+" to "BBB-"and long term local currency debt in July 2011 with stable perspectives.

S&P underlined that Morocco`s upgrading of short term currency debt from "B" to "A-3" and the short term local currency debt from "A-3" to "A-2", has enabled the kingdom to move to "Investment Grade" Category.