Economy: Fitch affirms Morocco’s ‘BB+, stable outlook

Fitch Ratings has affirmed Morocco’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’ with a stable outlook.

Morocco’s ‘BB+’ ratings reflect sound macroeconomic policies, strong official creditor support, favorable debt profile and comfortable international liquidity buffers, explained the agency in a commentary published on its official website.

Fitch indicated that Real GDP growth was stable at 3.8% in 2024 as a significant contraction in agricultural output offset an improvement in non-agricultural growth.

The agency expects growth to accelerate to 4.4% in 2025 and average 3.9% over 2026-2027 as it also expects increased rainfall in early 2025 to “temporarily” alleviate the drought effects and boost agricultural output.

In its commentary, Fitch Ratings further mentioned Morocco’s large infrastructure program ahead of the 2030 World Cup, which the Kingdom will co-host with Spain and Portugal. Projects include sports-related facilities, airports, railways and water and energy infrastructure.

The Agency pointed out that these investments will not burden the state budget as it expects “most projects to be financed through public-private partnerships”.

Fitch agency’s rating comes just few days after American Standard & Poor’s elevated Morocco’s sovereign rating to BBB-/A-3, restoring the kingdom to “Investment Grade” status following a September evaluation mission.

This upgrade reflects Moroccan economic resilience against successive economic shocks, including recent global trade instability triggered by American tariff policies.