Morocco’s Credit Rating Downgraded as COVID-19 Impacts Economy
– bySylvanus
· 1 min read
The rating agency Standard & Poor’s has lowered Morocco’s sovereign rating from "BBB-/A-3" to "BB+/B". This emerges from the assessment published on April 2.
Morocco’s rating is now set at "BB+/B". S&P justifies this reassessment by the kingdom’s budgetary situation. A situation strongly impacted by the drop in tax revenues due to the health crisis related to Covid-19 and especially a strong increase in state guarantees granted to public companies.
The Moroccan economy fell by 6.7% in 2020. As for the budget deficit, it stands at 7.7% of GDP. However, the kingdom’s economy is expected to grow by 4.5% in 2021.
Category: Economy
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