Fitch affirms Morocco

Fitch Ratings said it has affirmed the Kingdom of Morocco's long-term foreign and local currency issuer default ratings at BBB- and BBB, respectively, with stable outlooks.

The short-term foreign currency issuer default rating is affirmed at F3 and the country ceiling is affirmed at BBB, the agency said.

The affirmations are underpinned by the relative resilience of Morocco's economy to the global economic downturn, the continuing improvement of its public finances, and the stability of the Moroccan political system, Fitch noted.

External finances have, however, suffered from the recession in Europe, which has offset the benefits of lower oil prices, the agency said.

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