Morocco has regained its coveted investment-grade status from S&P Global Ratings, making it the only African sovereign Eurobond issuer with such a ranking.
The ratings agency on Friday, upgraded Morocco’s long-term foreign-currency rating from BB+ to BBB-, with a stable outlook, placing it alongside economies such as Hungary and Oman.
Morocco lost its investment-grade status in 2021 after the pandemic and drought severely weakened its tourism- and agriculture-dependent economy.
But S&P cited the country’s “strong structural socioeconomic and budgetary reforms” as the foundation for the upgrade.
The improved rating Business Insider Africa reports, is expected to draw fresh inflows of foreign direct investment, support job creation, and bolster Morocco’s $154 billion economy.
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S&P projects that higher revenue will gradually reduce the nation’s fiscal deficit and lower its debt-to-GDP ratio.
“Morocco’s recent economic performance and its outlook are supported by its policy mix and reform momentum,” the agency stated.
While Moody’s and Fitch still rate Morocco one notch below investment grade, both agencies maintain a stable outlook.
Despite these lower ratings, Morocco successfully issued a €2 billion Eurobond in March 2025, attracting over three times the demand and reducing yields by around 40 basis points.
Meanwhile, Morocco’s central bank expects economic growth to accelerate to 4.6% this year, with inflation running below 1% since April after peaking above 10% in early 2023.
The upgrade positions Morocco as a standout economy on the continent, underscoring its resilience and reform-driven path to stability.
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