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On October 4, 2019, American financial rating agency Standard & Poor’s affirmed its rating for Morocco BBB- / A-3.
In a notice, published Friday, the agency stated that Morocco’s outlook is «stable, balancing our expectation of further fiscal consolidation and gradual improvement in the current account position over the next two years against risks to economic growth from domestic structural shortcomings or external shocks, for example, due to a slowdown in world trade».
«We could raise the rating if budgetary consolidation prospects materially improve or the ongoing transition toward a more flexible exchange rate that targets inflation significantly bolsters Morocco's external competitiveness and ability to withstand macroeconomic external shocks».
The note adds the details of the agency for the Moroccan economy. «We expect real GDP growth in Morocco at about 2.8% in 2019, reflecting a slowdown in Europe, as well as decelerating growth in the country's agricultural output», S&P analysts further say.
The financial institution also expects a gradual improvement in the Kingdom's fiscal position, thanks to the government's overall fiscal strategy and the results of privatization over the forecast period, with a budget deficit at 3.3% of GDP in 2019.
«We estimate that the precautionary and liquidity line approved by the International Monetary Fund (IMF) in December 2018 underlies Morocco's macro-financial stability and its economic and fiscal policy objectives», the agency explains.
