Ratings agency S&P on 2 April downgraded Morocco’s sovereign rating by one notch from BBB-, the lowest investment grade, to BB+.
The agency, one of the global ‘Big 3’ alongside Moody’s and Fitch, blames “fiscal space erosion” with Morocco’s economy having contracted by 6.7% for 2021 and the government deficit having risen to 7.7% of GDP (MEES, 20 November 2020). (CONTINUED - 363 WORDS)
