Fitch affirms Morocco

Fitch Ratings said it affirmed the Kingdom of Morocco's long-term foreign-currency issuer default rating at BBB-, along with its local-currency issuer default rating at BBB.

The short-term foreign-currency issuer default rating was affirmed at F3 and the country ceiling at BBB.

The outlook is stable.

The ratings continue to be underpinned by the economy's track record of prudent macroeconomic management resulting in years of low inflation and solid growth, Fitch said.

However, budget and current account deficits widened in 2011, while the risk of an intensification of the eurozone crisis or heightened political unrest pose potential downside risks to the economy and creditworthiness, the agency said.

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