S&P lifts Morocco

Standard & Poor's said it raised its long-term foreign currency sovereign credit rating on the Kingdom of Morocco to BB+ from BB on an improved external position and the government's ongoing economic reform efforts.

At the same time, the BBB long-term local currency, B short-term foreign currency and A-3 short-term local currency ratings were affirmed. The outlook is stable.

S&P said the upgrade is supported by robust external indicators, including high external liquidity and a public sector net external asset position.

The ratings are also supported by strong official commitment to economic reform, in particular, efforts to downsize the public sector, to ensure long-term fiscal consolidation and greater economic diversification, the agency added, noting the ratings remain constrained by a high debt burden, a narrow economic base and low per capita income, partially offset by good growth prospects.

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