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Fitch Ratings has revised the Outlook on Morocco's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the rating at 'BBB-'. 

KEY RATING DRIVERS

The Negative Outlook reflects the severe hit to the Moroccan economy from the coronavirus pandemic shock, which will cause the sharpest GDP contraction in 25 years, and prompt a marked increase in Morocco's external and fiscal deficits and debt ratios. The magnitude of the shock will raise downside risks to the sovereign's credit profile, despite a proactive policy response in line with the authorities' long-standing commitment to prudent economic policies.

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