Morocco dollar bonds tumble after Fitch cuts credit rating to junk
LONDON, Oct 23 (Reuters) - Morocco sovereign dollar bonds dropped after ratings agency Fitch cut the country's credit rating to junk, citing the "severe" hit to the North African nation's economy and finances from the coronavirus pandemic.
Fitch downgraded Morocco from its lowest investment grade of BBB- to its top junk grade BB+ and put a stable outlook on its rating.
The 2042 bond US617726AG97=TE dropped 2.2 cents to a 4-1/2 month low of 121 cents on the dollar, Tradeweb data showed.
(Reporting by Karin Strohecker; Editing by Tom Arnold)