The rating agency Moody's kept the sovereign debt rate of Morocco at Ba1, but improved its outlook from stable to positive.
Moody's explained that this improvement in the outlook for the Moroccan economy was down to the very good behaviour of exports, linked to a reduction in the import costs of hydrocarbons. The external position of the Country has been further strengthened with the build up or foreign exchange reserves amounting to 7 months of imports, an essential step in the move towards a flexible exchange system the agency judges welcome.
The agency went on to add, “the low price of fuel has been extremely beneficial for Morocco, a nation particularly reliant on hydrocarbon imports.”
Source : Infomédiaire