S&P: Morocco view to negative

Standard & Poor's said it affirmed the long- and short-term foreign-currency sovereign credit ratings on the Kingdom of Morocco at BBB- and A-3 and its long- and short-term local-currency ratings at BBB and A-2.

The transfer and convertibility assessment for Morocco remains at BBB+.

The outlook on Morocco also was revised to negative from stable.

The ratings are supported by the country's macroeconomic management approach, which has traditionally focused on achieving stability, S&P said.

This has contributed to strong economic growth relative to peers, low consumer price inflation, relatively low external leverage and moderate government debt levels, the agency said.

The ratings are constrained by comparatively low prosperity and by social pressures, which have increased since the Arab Spring, but remain much lower than in neighboring countries, S&P said.

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