Standard and Poors, confirmed , November 14th 2014, Morocco’s “BBB-/A” ratings for its short and long terms debts in foreign and domestic currencies with stable prospect.
According to the Agency, the confirmation of Morocco’s rating is based on the economic growth recovery, resulting from the acceleration of production in value added sectors and by the pursuing of the consolidation of budget deficits and current account.
Standard and poors’ stressed that this rating level is led by Morocco’s resilience after the economic and financial crisis and the Arab Spring events. The public authorities’ will and ability to pursue important reforms and Morocco’s favorable position in international institutions’ ratings in terms of governance and the quality of its institutions, all factors that contribute to maintain this rating.
As for prospects, the Agency stressed that it expects a further budget consolidation. This will enable public authorities to meet its objective of the budget deficit expected for the year 2017. Standard and Poors’ expects also a decrease in current account as a result of the combined impact of exports increase namely in sectors as phosphates and automotive, tourism and direct foreign investments’ incomes in a recovery climate, although slow, of European growth and the collapse in the rate of hydrocarbons. In terms of growth, the Agency expects a GDP uptrend reaching 5% in 2017, thanks namely to a speed improvement of new industrial sectors as automotive, aerospace and electronics, and this in line with the industrial acceleration plan