Fitch affirms Casablanca, Marrakesh

Fitch Ratings said it affirmed the Urban Community of Casablanca and the Urban Commune of Marrakesh's long-term ratings at BB+.

The agency also affirmed their national ratings at A+(mar).

The outlook is stable.

The affirmation reflects their favorable institutional framework, including thorough measures implemented by the state to monitor the local public sector's finances, Fitch said, and a high probability of state support, if needed.

The ratings also consider the cities' sound debt and current balance ratios, as well as their importance to Morocco's economy, the agency said.

The ratings also capture the lack of both cities' involvement in the control of their tax base and rigidity on expenditure, Fitch added, and limited margin to improve budgetary performance.

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