The EUR1bn 10-year notes have a coupon of 3.5% and spread at issue of 233.5bp over German Bunds.
KEY RATING DRIVERS
The rating is in line with Morocco’s ’BBB-’ Long-term foreign currency Issuer Default Rating, on which the Outlook is Stable.
RATING SENSITIVITIES
The rating is sensitive to any changes in Morocco’s Long-term foreign currency IDR. Fitch affirmed Morocco’s ratings on 25 April 2014 and will next review them on 24 October 2014.
