Moody’s upgrades Morocco’s credit profile

Moody's_websiteRating agency Moody’s has outlined the reasons behind a recent upgrade to Morocco’s credit profile by pointing to value-added exports and fiscal improvements. At the end of February, the outlook on the Government of Morocco’s Ba1 rating was changed from ‘stable’ to ‘positive’. The first driver for the ratings change was the country’s improving external position and a build-up of foreign exchange reserves through a more diverse and dynamic exports and a lower oil imports, said the agency. Fiscal improvements should help reduce public sector debt and promote stronger non-agricultural growth, it said. Yet Moody’s noted some existing constraints on Morocco’s economy, including a relatively low GDP per capita, a volatile growth pattern, a high but affordable debt-to-GDP ratio and a weak labour market with some skills mismatches. ©2018 funds global mena

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