Fitch rates Morocco eurobond BBB-

Fitch Ratings said it assigned the Kingdom of Morocco's upcoming 10-year eurobond issue a long-term BBB- rating. The issue will amount to a minimum of EUR500 million.

Morocco has a long-term foreign- and local-currency issuer default ratings of BBB- and a short-term issuer default rating of F3. When announcing the assigned eurobond rating recently, the agency erroneously reported that its short-term issuer default rating was F1.

Despite adverse economic conditions in the European Union, the Moroccan economy grew by 4.9% in 2009, Fitch said.

Its relative resilience is owed to its diversification towards export-oriented industries and services, the agency said, and to the large investments in infrastructure and housing that have been driving the economy in recent years.

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