S&P Global ranks Morocco's debt rating as "stable"
RABAT, Oct. 7 (Xinhua) -- Rating agency S&P Global has upgraded the "outlook" for Morocco's long-term debt rating in foreign and local currency from "negative" to "stable," according to a finance ministry said statement on Monday.
The agency also confirmed its investment grade status of the North African country as "BBB-," it added.
This improvement is supported by new privatization orientations, use of innovative financing for public investment and hedging against the rise in butane gas prices to protect the state budget from an increase in compensation charges, it added.
The rating agency projected Morocco's real GDP growth to about 2.8 percent in 2019, constrained by the decline in external demand and agricultural output, rebounding to about four percent by 2021.
The agency pointed out that the precautionary and liquidity line approved by the International Monetary Fund (IMF) in December 2018 supports Morocco's macro-financial stability and economic and fiscal policy goals.