Fitch revises Morocco view to negative

Fitch Ratings said it revised the outlook on Morocco's long-term foreign-currency issuer default rating to negative from stable and affirmed the rating at BBB-.

“The negative outlook reflects the severe hit to the Moroccan economy from the coronavirus pandemic shock, which will cause the sharpest GDP contraction in 25 years, and prompt a marked increase in Morocco's external and fiscal deficits and debt ratios,” the agency in a press release.

“The magnitude of the shock will raise downside risks to the sovereign's credit profile, despite a proactive policy response in line with the authorities' long-standing commitment to prudent economic policies,” Fitch said.

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