Economy: Standard & Poor’s Upgrades Morocco to “Investment Grade”
The American rating agency Standard & Poor’s announced on Friday that it has raised Morocco’s sovereign credit rating to BBB-/A-3, upgrading the Kingdom back into the “Investment Grade” category. This decision, taken following a mission carried out in September, reflects what S&P describes as the resilience of the Moroccan economy in the face of successive shocks, particularly those linked to global trade instability.
This upgrade comes at a time when many sovereign ratings worldwide have been downgraded, including those of advanced economies. Against this trend, Morocco’s financial credibility has been reinforced, which should facilitate access to international markets on more favorable terms and lower the cost of its public debt.
Solid Fundamentals
In its statement, S&P underlined that Morocco’s growth outlook remains “strong,” with real GDP growth projected to average 4% between 2025 and 2028. The agency highlighted the momentum of structural reforms undertaken by Rabat, particularly in fiscal and social policy, which are expected to contribute to greater formalization and diversification of the economy.
The budget deficit is forecast to narrow to 3% of GDP by 2026, supported by improved public revenues. Meanwhile, the current account deficit is expected to remain contained, averaging around 2.1% of GDP over the 2025–2028 period.
A Strong Signal for Investors
The rating upgrade follows a previous revision in March 2024, when Morocco’s outlook was raised from “stable” to “positive.” For investors, this second confirmation represents a strong signal of macroeconomic stability and fiscal credibility.
It could also enhance the Kingdom’s attractiveness for foreign direct investment, at a time when global capital flows are becoming increasingly selective. In the medium term, the improved rating is likely to support Morocco’s ambitions in bond issuance and the financing of strategic projects.
Editorial team/le7tv
