London – Fitch Ratings has affirmed Morocco's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-' with a Stable Outlook.
London – Fitch Ratings has affirmed Morocco’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘BBB-‘ with a Stable Outlook.
The issue ratings on Morocco’s senior unsecured foreign- and local-currency bonds have also been affirmed at ‘BBB-‘, the London-based institution said, adding that the Country Ceiling has been affirmed at ‘BBB’ and the Short-Term Foreign- and Local-Currency IDRs at ‘F3’.
Morocco’s ratings are driven by its economic performance, public finance and external finance metrics in line with ‘BBB’ medians and structural features (as reflected in development and governance indicators) that are weaker than peer medians, the same source pointed out.
GDP growth fell to 1.6% in 2016, from 4.5% in 2015, mainly because of the worst drought in 30 years following a bumper harvest in 2015.
