Fitch Ratings confirms Morocco's Investment Grade with stable outlook : 28/10/2014
Fitch Ratings confirms Morocco's Investment Grade with stable outlook
The international rating agency "Fitch Ratings" confirmed recently the rating level "Investment Grade" attributed to Morocco with a stable outlook.
According to a statement on Tuesday by the economy and finance ministry, foreign currency debt and local currency debt are granted, respectively, 'BBB-' and 'BBB' rates. The rate"F3" of the short-term debt in foreign currency and the 'BBB' sovereign rating were also confirmed.
According to Fitch Ratings, the confirmation of this rating level reflects the country's macroeconomic stability in an unstable international and regional environment and the resilience of GDP growth, despite a drop in the foreign demand of Europe, Morocco's top economic partner, said the statement, adding, however, that the Kingdom's social indicators are overall weaker that peer countries.
Regarding the outlook, the agency forecasts a decrease in budget deficit, on the one hand, due to the decrease in subsidy expense and control of current expenditure, and in the current account deficit on the other hand, thanks to the consolidation of public finances, acceleration of exports by new industrial sectors and improvement of the overall context.