Morocco’s Credit Rating Downgraded Amid COVID-19 Economic Impact

According to the report of the American rating agency entitled "Morocco and the pandemic shock", this rating reveals "the severe impact of the coronavirus pandemic on the Moroccan economy and public and external finances." It also announces a record recession in 2020, followed by a slight recovery in 2021. Unlike other countries, the Kingdom will be able to "avoid a deterioration of its situation with a stable outlook," the same source assures.

While entire sectors of the Moroccan economy are trying to recover, "the prospects are dampened by an exceptional level of uncertainty surrounding the course of the health crisis and the risks that remain," the rating agency specifies.

In addition, the demand and supply shocks due to the coronavirus epidemic can be detrimental to Morocco’s external finances. They were already weaker compared to those of other countries rated "BBB," the same report adds.