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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-'. 


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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