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15 Nov 2018, Gergana Bencheva, EMIS Editor

Fitch confirms Morocco’s “BBB-” rating with stable outlook

Credit rating agency Fitch has confirmed Morocco's long-term foreign-currency Issuer Default Rating (IDR) at “BBB-“, with a stable outlook, thanks to the country’s macroeconomic stability, CEEMarketWatch reported. The good estimate was also attributed to Rabat’s low share of foreign-currency in its public debt.

On the other hand, Fitch underlined that Morocco still faced problems such as weak development, high government debt, and wide budget and current account deficits. For example, the agency expects the country’s budget deficit to widen to 3.8% of GDP in 2018. Also, it noted that the government’s target to reduce its debt to 60% of GDP in 2021 was unattainable.

According to Fitch’s estimates, Morocco’s GDP growth will reach 3.2% in 2018-2020, down from 4.1% in 2017, CEEMarketWatch added.

Sign in and read the full article in emis.com, or find out more about EMIS. Original source: CEEMarketWatch