The rating agency expects a net reduction in the current account deficit and accelerating economic growth this year.
The rating agency Standard & amp <- aside article normal or folder -> ; Poor’s maintained, in a report published on October 9, Morocco’s credit rating to “BBB- / A-3″ for its sovereign bonds of long and short maturity in foreign currency and in local currency, with a stable outlook .
In his study, S & amp; P indicates expect that “public finance reforms continue, the deficit of the budget and current accounts continued to subside, and that economic growth improves “.
Accelerate
According to the rating agency, the growth of the kingdom, which has averaged 3.6% between 2011 and 2014 should accelerate to 4.6% this year against 2.6% in 2014, thanks to “a rebound in agricultural production.”
The fiscal deficit should reach 4.3% of GDP this year, says Standard & amp; Poor’s, against -4.9% in 2014, reflecting in particular the reduction of subsidies spending and slowing wage increases.
“We expect that the consolidation of public finances continue and that the government reaches its goal of a fiscal deficit of 3% of GDP in 2017 “.
According to the same source, the current account deficit of the kingdom should continue to decline. After a surge at about – 9.7% of GDP in 2012, it has since returned to -5.8% in 2014, according to S & amp; P and should fall to 2.8% this year. The indebtedness of Morocco, which has experienced strong growth between 2009 and 2014 (30.8% of GDP to 53%) should remain stable this year and gradually decline to 51% of GDP in 2018, the source said.
Outlook
In a statement, the rating agency points out that it could lower the rating of Morocco, “if growth does not accelerate too markedly than expected, if the government deviates significantly from its fiscal consolidation path, or if the current account deficit does not go away as we expect. “
A stronger economic growth and monetary policy and a flexible exchange rate regime could lead S & amp; P to increase the rating of the country
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