Fitch Confirms Morocco's BB Rating with Stable Outlook

Fitch Ratings, the American credit rating agency, confirmed on Monday night Morocco's long-term foreign currency rating at BB, accompanied by a stable outlook. This rating reflects the effectiveness of the Kingdom's macroeconomic policies, robust support from official creditors, a favorable debt profile, and comfortable liquidity reserves, according to the agency's latest assessment published on its official website. The agency also noted that real GDP growth remained stable at 3.8% in 2024, primarily due to a significant contraction in agricultural production that offset improvements in non-agricultural growth. Furthermore, Fitch Ratings anticipates an acceleration of growth to 4.4% in 2025, with an average of 3.9% projected for the period of 2026-2027. The agency expects an increase in rainfall in early 2025, which should temporarily mitigate the effects of drought and stimulate agricultural production. In its evaluation, Fitch highlighted Morocco's extensive infrastructure investment program in preparation for the 2030 World Cup, which the Kingdom will co-host with Spain and Portugal. These projects include sports facilities, airports, railways, and water and energy infrastructure. Fitch believes that these investments will not burden the state budget, stating that it "expects most projects to be financed through public-private partnerships."