Brisk growth in real GDP per capita. Relatively moderate levels of external and government debt. A tradition of political and social stability. Low levels of prosperity for the rating level. Large twin deficits. A rise in social pressures since the Arab Spring, which could jeopardize subsidy reform. The ratings on Morocco are supported by its macroeconomic management approach, which has traditionally focused on achieving stability. This has contributed to strong economic growth relative to peers, low consumer price inflation, relatively low external leverage, and moderate government debt levels. The ratings are constrained by comparatively low prosperity (relative to similarly rated peers) and by social pressures, which we believe have increased since the Arab Spring, but remain much lower than in
