Fitch Ratings downgraded Morocco’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-’ on 23 October 2020, making Morocco the latest sovereign to lose investment-grade status. However, while the ratings of several sovereigns that lost investment grade have continued to deteriorate, Fitch believes Morocco will be able to avoid this and this is reflected in the Stable Outlook. Sharp GDP Fall, Weaker External Finances The downgrade reflected the severe impact of the coronavirus pandemic on Morocco’s economy and public and external finances. This report provides an overview of the effect of the pandemic on the country’s key credit metrics.
Read more from the source : Fitch Ratings
Tags : Morocco, coronavirus, covid 19, pandemic,
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