In his note published on 24 February on the Mena region, Standard & amp; Poor’s maintains the sovereign rating of Morocco for its long-term debt to BBB- with a stable outlook. Overall, the agency confirmed the rating of 12 countries studied, emphasizing the negative effects of lower oil prices on exporting countries of the region.
No change. The rating agency Standard & amp; Poor’s Rating released February 24th update of its analysis of the 12 countries in the MENA region for which it ensures a sovereign rating.
Among them, Morocco sees its main note to say BBB- for its long-term debt in local currency and currency maintained, with stable outlook. Like the short-term rating remains for its part to A-3.
All the indicators concerning Morocco (institution, debt, budget …) are neutral, unless the economy ranked “low.”
At its last review in November 2014, Standard & amp; Poor’s had assigned the same rating to the kingdom
As a reminder, the “rating” ruler of S & amp;. P plated AAA rating (the best) in Note D (delinquencies proven). The lower limit for the “investment grade” category is BBB-. This level green light office for most investors about the possibility for them to invest their funds in these assets
In his study, S & amp;. P believes that overall “ situation the region [MENA] deteriorated “since its last regional publication dated 9 July.
What about other agencies?
If S & amp agency; P Rating Class Morocco in category “investment” with a long-term rating BBB- rating from Moody’s, however, remains speculative grade namely: Stable Ba1. Fitch for its part, notes Morocco in “investment grade” BBB- stable is its long-term debt.
For the agency, in effect, “ the sharp fall in prices Oil will weaken the fiscal and external economic situation in the region, “especially for the GCC” . However, the agency has only lowered the ratings of Bahrain and Oman since July 2014.
Standard & amp; Poor’s also believes that oil importing countries, including Morocco, Egypt, Jordan and Lebanon “will experience only modest improvements in their macroeconomic indicators in relation to this falling prices “hydrocarbons
S & amp;. P Rating not think it will be quite significant for driving to improved ratings of these countries on this criterion in the near future.
Note the S & amp forecasts; P for Morocco reported a growth rate of 4.6% in 2015 and 5% in 2016. In line with those recently published by the IMF. As the budget deficit estimated at 3.3% this year by the US agency.
For the record it is mainly financed from domestic investors, Morocco regularly conducts international bond issues.
His latest release dated June 13 It was a 10-year bond with a coupon of 3.5%. A rate below the 4.5% obtained in 2010 from the previous release in euro of the kingdom. The country had also borrowed in US dollars one billion dollars in 2012 to 4.25% this time.
Pierre-Olivier Rouaud
The Standard & amp economic forecasts; Poor’s MENA – February 2015
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