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Moody’s keeps Morocco’s rating

The rating agency Moody’s has maintained the credit rating of Morocco to “Ba1 stable”. In a note, Moody’s believes that Morocco’s credit profile “reflects its demonstrated resilience to internal and external shocks, supported by the government’s access to relatively deep domestic capital markets, which shields it from volatile international capital markets”.

This credit profile also demonstrates Morocco’s structural reorientation towards higher value-added export industries (automotive, aerospace) and as a hub for trade between Europe and Africa, says Moody’s Investors Service. The agency notes, however, some rating constraints, including relatively low per capita GDP, moderate non-agricultural growth, and a relatively high, though sustainable, debt stock.

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