U.S.-based credit rating agency Fitch Ratings confirmed on Monday Morocco's long-term foreign currency issuer default rating at BB+, with a stable outlook. The agency said the affirmation reflects the soundness of the Kingdom's macroeconomic policies, strong backing from official creditors, a favorable debt profile, and comfortable liquidity reserves, according to its latest assessment published on its official website. Fitch also noted that real GDP growth held steady at 3.8% in 2024, as a sharp decline in agricultural output offset stronger growth in non-agricultural sectors. Looking ahead, the agency expects growth to accelerate to 4.4% in 2025 and to average 3.9% over the 2026–2027 period. It anticipates improved rainfall at the start of 2025, which should «temporarily» ease the impact of drought and support agricultural production. The report also highlights Morocco's large-scale infrastructure investment program launched in preparation for the 2030 World Cup, which the country will co-host with Spain and Portugal. These projects cover sports facilities, airports, railways, and water and energy infrastructure. Fitch stressed that these investments are unlikely to weigh heavily on the state budget, noting that «most of the projects are expected to be financed through public-private partnerships».
