Source : Lesinfos.ma
23/10/2020 16:45
The rating agency Fitch Ratings has just lowered Morocco’s sovereign rating, which goes from BBB- to BB + with a stable outlook, because of the covid-19 health crisis and its effects on the Moroccan economy.
With this downward revision, Morocco loses its “investment grade”. A loss that risks having a negative impact on its ability to negotiate good financing conditions during its next releases on international markets.
According to Fitch, this degradation of the sovereign rating of Morocco, reflects “The serious impact of the coronavirus pandemic on the country’s economy, as well as on public and external finances”.
The fall in budget revenues and the decline in GDP will lead to an increase in public debt, the New York agency said, stressing that the repercussions of the crisis on the industrial and tourism sectors will worsen the current account deficit. and net external debt which “are already at high levels.”
“Although the Moroccan authorities aim to limit the deterioration of public finances, the persistent impact of the pandemic on the budget and on projects to extend social services, in a context of increased unemployment, will complicate efforts to stabilize the debt ‘, estimate the analyzes of the agency.
Fatima-Zahra Coundi
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