Onwards And Upwards

April 2007 | Market Strategy

Ratings agency Fitch has upgraded Morocco to investment grade BBB- with a stable outlook on the basis of marked economic and political reform progress in recent years. Moreover, in a recent report the World Bank has included Morocco in its 'low-risk' country category in terms of management of public finances, applauding the country's 'important and innovative' reforms. This is in line with our long-held bullish view on the North African country, which fares strongly in our sovereign risk ratings table, garnering a B-, reflecting an 'ability to pay' score of 37/55 and 'willingness to pay' score of 35/45 (see March

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