Morocco: Fitch Ratings has affirmed Morocco’s credit rating at ‘BB+’ with a stable outlook, emphasizing the country’s sound macroeconomic policies and strong support from official creditors. The favorable debt profile and robust international liquidity buffers are central to this assessment.

According to Agence Marocaine De Presse, Fitch highlighted that Morocco’s Real GDP growth remained stable at 3.8% in 2024, with a significant contraction in agricultural output balanced by improvements in non-agricultural sectors. The rating agency anticipates a growth acceleration to 4.4% in 2025, with an average growth of 3.9% projected over the 2026-2027 period. This growth forecast is partly based on expectations of increased rainfall in early 2025, which is anticipated to temporarily mitigate drought effects and boost agricultural production.

Fitch Ratings also discussed Morocco’s extensive infrastructure programme in preparation for co-hosting the 2030 World Cup with Spain and Portugal. This programme includes dev
elopments in sports facilities, airports, railways, and water and energy infrastructure. Importantly, the agency noted that these investments are not expected to strain the state budget, as most projects are poised to be financed through public-private partnerships.