Fitch Ratings has reaffirmed Morocco’s long-term foreign currency issuer rating at BB+, maintaining a stable outlook. Published on September 29, the report credits Morocco with maintaining sound macroeconomic policies, benefiting from reliable support from official lenders, managing a healthy debt profile, and holding sufficient foreign currency reserves.
The country’s GDP growth held steady at 3.8% in 2024. While non-agricultural sectors performed well, Fitch noted that their strength wasn’t enough to offset a significant decline in agricultural output.
Looking ahead to 2025, the agency forecasts a rebound in growth to 4.4%, driven largely by expectations of improved rainfall that could ease the impact of ongoing drought conditions. Between 2026 and 2027, Morocco’s average annual GDP growth is projected to settle around 3.9%.
Fitch also highlighted Morocco’s ambitious infrastructure initiatives in preparation for the 2030 FIFA World Cup, which the country will co-host with Spain and Portugal. These investments span sports venues, transportation networks, and upgrades in water and energy systems. According to the agency, much of this development is expected to be financed through public-private partnerships, which should limit the burden on public finances.
This rating confirmation follows a recent move by Standard & Poor’s to reclassify Morocco as “Investment Grade,” upgrading its sovereign credit rating to BBB-/A-3—a significant nod of confidence from another major agency.
