On September 26, 2025, S&P Global Ratings raised its Morocco's long and short-term sovereign credit ratings from “BB+/B” to” BBB-/A-3”. The outlook is stable. Les Morocco's recent economic performance and its prospects are sustained through a combination of effective policies as well as a strong dynamic of structural, socio-economic and fiscal reforms

The stable outlook balances the strong momentum of structural reforms in Morocco supporting economic growth, the diversification and fiscal consolidation, in the face of low GDP by inhabitant, unemployment still high, vulnerability to events related to climate and global geopolitical tensions.

“We could lower our ratings on Morocco if, contrary to our forecasts, the government's fiscal performance deviates negatively and significantly from our current forecasts, or if the external position of Morocco is deteriorating substantially, for example due to tensions sales or a drop in demand from its trading partners,” says S&P

The Moroccan economy and agricultural sector are vulnerable to climate shocks. Recurrent episodes of drought have increased unemployment, while regional inequalities and the informal economy persisting. Faced with this situation, the authorities are implementing a vast action plan to alleviate water scarcity. At the same time, the The government has adopted fiscal reforms and measures to attract investments, launched the unified social security system and expanded the health coverage. We believe that these reforms will continue to support the economic growth and diversification, while broadening the base fiscal and by reducing the budget deficit.