S&P gives Morocco bonds BBB-

Standard & Poor's said it assigned its BBB- long-term foreign currency senior unsecured debt rating to the forthcoming global bond issue of the Kingdom of Morocco (foreign currency BB+/positive/B, local currency BBB/positive/A-3).

At the same time, S&P said it assigned a recovery rating of 2, indicating substantial recovery in the range of 70%-90% to the Kingdom of Morocco's senior unsecured debt.

The BBB- rating on the Kingdom's bond reflects a blend of default and recovery prospects, the agency said.

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