Ratings: Foreign and Local Currency: BBB-/Stable/A-3 For further details see ratings list. We project Morocco's real GDP growth will average just below 4% over 2018-2021. We expect the authorities will continue to pursue budgetary consolidation and growth-enhancing reforms, and slowly move toward a more flexible exchange rate regime. We are therefore affirming our long- and short-term foreign and local currency ratings on Morocco at 'BBB-/A-3'. The outlook is stable. On April 6, 2018, S&P Global Ratings affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Morocco. The outlook remains stable. The outlook is stable, balancing our expectation of further fiscal consolidation and gradual improvement in the current account position over the next two years, against
