19th April 2010: Moroccan Property News
Morocco's foreign currency debt has been raised to ''Investment Grade'' by Standard & Poor's Ratings Services. Standard & Poor's has thus raised its long-term foreign currency sovereign credit rating on Morocco to 'BBB-' from 'BB+', and its long-term local currency sovereign credit rating to 'BBB+' from 'BBB'.
Standard & Poor's also raised its short-term foreign currency sovereign credit rating on Morocco to 'A-3' from 'B' and its short-term local currency sovereign credit rating to 'A-2' from A-3'. It has also raised its transfer and convertibility assessment for Morocco to 'BBB+' from 'BBB'.
In a press release, the Moroccan finance ministry has described this move as a “quantum leap”, which is a result of the reforms undertaken by the kingdom and macro-economic stability of the country.