Reuters
Fitch Rates Morocco’s EUR1bn Bond ‘BBB-‘
Mon Jun 16, 2014
(The following statement was released by the rating agency)
LONDON, June 16 (Fitch) Fitch Ratings has assigned Morocco’s EUR1bn bond issuance a ‘BBB-‘ rating. The EUR1bn 10-year notes have a coupon of 3.5% and spread at issue of 233.5bp over German Bunds.
KEY RATING DRIVERS
The rating is in line with Morocco’s ‘BBB-‘ Long-term foreign currency Issuer Default Rating, on which the Outlook is Stable.
RATING SENSITIVITIES
The rating is sensitive to any changes in Morocco’s Long-term foreign currency IDR. Fitch affirmed Morocco’s ratings on 25 April 2014 and will next review them on 24 October 2014. Contact: Primary Analyst Arnaud Louis Director +44 20 3530 1539 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Eric Paget-Blanc Senior Director +33 1 44 29 91 33 Committee Chairperson Shelly Shetty Senior Director +1 212 908 0324 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, ‘Sovereign Rating Criteria’ dated 13 August 2012 and ‘Country Ceilings’ dated 09 August 2013, are available at www.fitchratings.com. Applicable Criteria and Related Research: Sovereign Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685737 Country Ceilings http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715618 Additional Disclosure Solicitation Status http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=834735 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
