Standard & Poor's revises Morocco's outlook from 'negative' to 'stable'

Rabat - Standard & Poor's rating agency on Friday revised Morocco's outlook upward to "stable" from "negative", affirming its "BBB-/A-3" credit rating to the Kingdom for its long and short term debts in foreign and local currency.

The improvement of the outlook of Morocco's credit rating results mainly from the decrease in the budget and current account deficits, which was supported by the implementation of reforms to improve growth, competitiveness and productivity, while controlling the costs of compensation, said a statement from the Ministry of Economy and Finance, citing a note from the rating agency. Standard & Poor's said the stable outlook of Morocco is also supported by the strong economic growth prospects, a moderate debt burden of the government, and economic and social stability.