The U.S. rating agency Standard & Poor’s has raised Morocco’s sovereign rating to BBB-/A-3, restoring the Kingdom to “Investment Grade” status.
The agency’s decision, following a mission to Morocco this September, reflects the resilience of the Moroccan economy in the face of consecutive economic shocks, most recently triggered by the instability in global trade because of U.S. trade tariffs, S&P said on its website.
The upgrade to “Investment Grade” provides Morocco with several advantages, including easier access to international financing on more favorable terms and lower public debt costs. It also strengthens investor confidence, enhances the Kingdom’s attractiveness for foreign direct investment, and supports sustainable economic growth and macroeconomic stability.
S&P highlighted Morocco’s solid economic growth prospects, with real GDP growth forecast to average 4% over 2025-2028. The agency noted that Morocco’s economic performance and its outlook are supported by strong structural socioeconomic and budgetary reform momentum, which will continue to help further formalize and diversify the economy.
The U.S. rating agency expects Morocco’s budget deficit to narrow to 3% of GDP in 2026, supported by higher government revenue, while the current account deficit will remain contained, averaging about 2.1% of GDP over 2025-2028.
This marks the second consecutive upgrade, following the March 2024 revision, which shifted Morocco’s outlook from “stable” to “positive.” The two upgrades come amid a challenging international environment, where many countries, including developed economies, have experienced sovereign rating downgrades.