Morocco | - Part 3

Investec Asset Management invests in SJL Group

RABAT (Capital Markets in Africa) – Investec Asset Management (IAM), through its Africa Private Equity capability, has completed the management buy-out of 100% of SJL Group. SJL is the market-leading transport and logistics operator providing fully integrated cross-border services on the Morocco-EU corridor, as well as in Tunisia and domestically in Morocco. Together with its co-investors, DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH and Avanz Capital, IAM is backing an experienced senior management team, led…

Fitch Affirms Morocco at ‘BBB-‘; Outlook Stable

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RABAT (Capital Markets in Africa) – Fitch Ratings-Hong Kong-07 April 2017: Fitch Ratings has affirmed Morocco’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘BBB-‘ with a Stable Outlook. The issue ratings on Morocco’s senior unsecured foreign and local currency bonds have also been affirmed at ‘BBB-‘. The Country Ceiling has been affirmed at ‘BBB’ and the Short-Term Foreign- and Local-Currency IDRs at ‘F3’. KEY RATING DRIVERS Morocco’s ratings are driven by its economic…

Morocco’s central bank keeps interest rate at 2.25%

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RABAT (Capital Markets in Africa) – Morocco’s central bank maintained its key monetary policy rate at 2.25 percent and raised its forecast for inflation and growth slightly this year due to improved domestic demand and a rise in imported inflation. The Bank Al-Maghrib (BAM), which cut its rate by 25 basis points a year ago in response to declining inflation, added monetary conditions tightened slightly last year due to an appreciation of the real effective…

Goldcar’s Owners Said to Hire Deutsche Bank to Weigh a Sale

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LAGOS (Capital Markets in Africa) – European private equity firm Investindustrial is exploring a sale of its low-cost car rental company Goldcar Spain SL, which could fetch more than 500 million euros ($533 million), according to people familiar with the matter. The buyout fund, led by Italian businessman Andrea Bonomi, has hiredDeutsche Bank AG to help find a buyer for Goldcar, which operates in southern European markets including Spain, Italy, and Portugal, as well as Mexico and Morocco,…

Morocco’s Bourse Eyes IPOs, Short-Selling to Regain Index Status

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RABAT (Capital Markets in Africa) – Morocco’s stock exchange plans to introduce new financial instruments and expand the number of listed companies as it seeks to regain the emerging-market status it lost in 2013 and court potential buyers. Africa’s second-largest bourse by market value is expanding partnerships on the continent in a bid to attract more investments, Karim Hajji, managing director of the Bourse de Casablanca, said in an interview. The exchange plans to sell a stake…

Moody’s changes outlook on Morocco’s Ba1 rating to positive from stable

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RABAT (Capital Markets in Africa) – Moody’s Investors Service has today changed the outlook on the Government of Morocco’s rating to positive from stable and affirmed the issuer and senior unsecured ratings at Ba1. The key drivers of today’s rating action are: (1) Improving external position reflected in the build-up of foreign exchange reserves in the wake of dynamic new export industries and lower nominal oil imports; (2) Declining fiscal imbalances, reflecting gradual but steady…

Morocco’s Favourable Prospects with Strong Fundaments in 2017

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RABAT (Capital Markets in Africa) – Prospects for Moroccan economy in 2017 are favourable with stronger economic growth on the one hand and, on the other, an on-going contraction in the twin deficits, which will help restore the long-term health of the country’s public finances and balance of payments. As far as the growth outlook is concerned, expectations of GDP growth in 2017 should once again highlight the economy’s sensitivity to the agricultural sector. In…

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