On March 27, 2026, the rating agency S&P Global Ratings confirmed the “BBB-/A-3” ratings for Morocco’s long-term and short-term debt in foreign currency and local currency, with a stable outlook.
According to the agency, this rating reflects the resilience of the Moroccan economy, supported by the strength of its implemented macroeconomic policies.
The agency notes that economic growth in 2025 exceeded expectations, reaching 4.8%, driven by strong domestic demand and the good performance of several sectors, notably agriculture, industry, construction, and energy. Recent rainfall has allowed a significant replenishment of water reserves, favoring a rebound in agricultural production. S&P also estimates that investments in desalination infrastructure should contribute to securing water supply and mitigating the volatility of agricultural yields, a determining factor for growth.
According to the agency, the tourism sector continues to show strong performance, with nearly 20 million visitors in 2025. The agency also anticipates the continuation of this momentum, particularly in connection with a substitution effect to the detriment of certain destinations close to conflict zones in the Middle East.
In the medium term, S&P anticipates solid economic growth, with an average of 4.4% over the period 2026–2029, supported by the continuation of structural reforms, the implementation of the investment charter, and the deployment of the Mohammed VI Investment Fund. The agency also considers that economic activity will benefit from the development of major investment projects, notably in connection with the organization of the 2030 FIFA World Cup.
According to S&P, fiscal consolidation is expected to continue, supported by tax reform. The budget deficit should thus gradually converge toward 3% of GDP, despite persistent pressures related to public investment and social needs. The debt structure remains favorable, with limited exposure to interest rate, refinancing, and exchange rate risks. Foreign currency debt, mostly concessional, represents less than a quarter of total Treasury debt, while international bond issuances represent about one third of foreign currency debt, with a relatively smooth repayment profile.
Despite Morocco’s exposure to the spillover effects of the conflict in the Middle East, notably through higher energy prices and a slowdown in external demand, S&P considers that Morocco has sufficient room for maneuver to mitigate these effects, particularly thanks to the resilience of exports, tourism revenues, and FDI inflows.
The agency also highlights the confidence that Morocco enjoys among the international financial community, as evidenced by the maintenance of its access to external and domestic financing, despite an environment marked by global, regional, and domestic shocks in recent years. It adds that Morocco benefits from access to a flexible credit line from the IMF, supported by the strength of its economic fundamentals, the quality of its institutions, and the credibility of its reform trajectory.