Strong commitment to accelerated fiscal consolidation and prudent monetary policy. Robust external indicators, including high external liquidity and a public sector net external asset position. Ongoing political liberalization. High, albeit gradually decreasing, debt burden. Narrow economic base and low per capita income, partially balanced by good growth prospects. The ratings on Morocco are supported by robust external indicators, including high external liquidity and a public sector net external asset position. The ratings are also underpinned by strong official commitment to economic reform, in particular, efforts to downsize the public sector, to ensure long-term fiscal consolidation and greater economic diversification. The ratings remain constrained by a high debt burden, a narrow economic base, and low per capita income, partially offset by
