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Reuters

Morocco on Thursday received an investment-grade BBB- rating from Fitch Ratings, which said the country had made marked economic, political and social progress in recent years.

The other main ratings agencies, Moody's and Standard & Poor's, both rate Morocco one notch lower, and outside investment grade, at Ba1 and BB+ respectively. Fitch said Morocco's progress had led to continued improvements in living standards and the external position, despite persistent fiscal deficits, although growth had not been strong enough to reduce poverty, which remains high.

"The currency account has shown a steady surplus since 2001, Morocco is a net external creditor and international liquidity is exceptionally high," the agency said.

"Although public debt is high relative to peers and a rating constraint, substantial progress in reducing the budget deficit was achieved last year while Morocco's deep and liquid domestic capital market provides financing flexibility," it said.

The ratings outlook is stable.