Moody's delegation to Morocco to establish new rating
Morocco, Economics, 1/24/2000

An expert delegation from the international rating agency "Moody's" held talks last week in Rabat with several officials from the public and private sectors with the aim to establish a new rating of the country, reported Moroccan weekly "La Vie Economique."

The visiting delegation got informed about the reforms and measures initiated to raise living standards, fill in the social gaps and increase enterprise competitiveness, the weekly said, adding that the agency will set its rating while objectively taking into account and analyzing the elements submitted to it.

The weekly stated further that the expert delegation raised as a leitmotif three questions, namely to what extent will the entrepreneurial spirit accompany the deep changes underway in Morocco, what are the promising sectors likely to help Morocco fulfill its ambitious goals, and whether the population's expectations are not disproportionate with regard to the solutions proposed by the public powers.

The expert delegation met prime minister Abderrahmane Youssoufi, and several cabinet members, including the Ministers of economy and finance, of economic forecasts and planning, of privatization, of industry and trade, as well as executives from Morocco's central bank Al-Maghrib, of the employers' association (CGEM), of the banks' professional grouping and delegates of trade unions, the weekly said.

The ratings set by international agencies such as Moody's and Standard & Poor's constitute an independent opinion on a country's determination and capacity to honor its commitments in matters of indebtedness.

A good rating would enable Moroccan private operators to access external financing in better terms, the weekly said adding that foreign investors and international markets are waiting for the new rating.

Standard & Poor's and Moody's had given double B long-term and single B short-term sovereign credit ratings to Morocco. The weekly deems this year's rating will be better than the previous.

Previous Stories:
  Moody's report upbeat about Morocco's economic prospects   (4/7/1999)

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