Rabat – The international rating agency Fitch Ratings has confirmed the level of investment grade assigned to Morocco, with a steady prospect.
Foreign currency debt and local currency debt are matched, respectively grades ‘BBB-‘ and ‘BBB’. The grade ‘F3’ of the short-term foreign currency debt and the ceiling grade ‘BBB’ have also been confirmed.
According to Fitch, these grading levels are maintained by the resilience of the Moroccan economy against the global economic crisis, the continued improvement of public finances and the stability of the Moroccan political system.
Fitch added that the Moroccan economy has weathered the international crisis, and stressed the improvement of the fiscal balance over the last three years on the back of the performance recorded at tax revenues level and control spending level.
The agency also stated that the crisis did not have an impact on Moroccan banks due to their relatively limited integration into the global financial system and rigorous regulation by the Central Bank.
However, it underlined that poverty in rural areas and low social indicators, compared to those in countries rated as Morocco in investment grade, must be taken into account.
