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American credit rating agency Fitch Ratings has assigned a «bb» operating environment score for banks doing business solely in Morocco and a «bb-» for those operating in Africa.
«Scores are higher than the implied category generated by tools we use for our assessment of OE scores. We make positive adjustments to reflect Morocco’s ‘BBB-/Stable’ sovereign rating and macroeconomic stability», Fitch Ratings said in a note published Friday.
The agency expects Morocco’s GDP growth to slow in 2020 because of coronavirus-related economic turmoil.
In a different note, Fitch Ratings indicated that the «operating environment for banks in Morocco will be affected by current global shocks triggered by the spread of the coronavirus, though the risk appears to be manageable».
«The country is facing the pandemic shock with a record of stable macroeconomic trend and this is a relative strength, which has supported both the sovereign rating (BBB-/Stable) and the banks' support-driven Issuer Default Ratings of 'BB+'/Stable».
The agency expects the current crisis to affect tourism’s direct and indirect contribution to Morocco’s GDP. «We estimate Morocco's automotive industry brings in about 30% of the country's export revenue, with the French Renault-Nissan alliance and PSA groups present in the country» it added. The agricultural sector will also be affected.
