Fitch rates Morocco BBB-

Fitch Ratings said it assigned the Kingdom of Morocco a foreign-currency issuer default rating of BBB-, a local-currency issuer default rating of BBB, short-term foreign-currency rating of F3 and country ceiling of BBB.

The outlook is stable.

The ratings reflect the marked progress achieved in the economic, political and social areas in recent years, which has translated into continuing improvements in living standards and the external position, notwithstanding persistent fiscal deficits, Fitch said.

Although public debt is high relative to peers and is a rating constraint, the agency said substantial progress in reducing the budget deficit was achieved last year while Morocco's deep and liquid domestic capital market provides financing flexibility.

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