São Paulo — The credit rating agency Moody’s revised Morocco’s outlook from stable to positive and maintained the country’s Ba1 rating for long-term debt in foreign and local currency, according to information from Morocco’s Ministry of Economy and Finance published by state news agency MAP over the weekend.
In its assessment, Moody’s says the positive outlook reflects a gradual improvement in Morocco’s economic and fiscal strength, according to the Ministry of Economy and Finance. The agency believes that the combination of stronger economic growth, greater economic diversification, and high levels of investment suggests a structural improvement in the Arab country’s growth profile.
Moody’s highlights the continued acceleration of growth in Morocco’s non-agricultural sector in recent years, above 5% in 2025, reflecting less dependence on agricultural production—a sector with a volatile market—and ensuring more stable and predictable growth for the country in the future.
The agency estimates that the relatively strong pace of growth will be maintained, supported by significant public and private investment—especially in transport, logistics, energy, and water infrastructure—and by continued reforms to improve the business environment and attract more investment.
The agency estimates that the relatively strong pace of growth will be maintained, supported by significant public and private investment—especially in transport, logistics, energy, and water infrastructure—and by continued reforms to improve the business environment and attract more investment.
According to Moody’s, the improvement in fiscal performance is one of the factors supporting the positive outlook and should help contain the debt burden in the medium term, despite pressures from social and investment spending. The agency believes the public debt burden could fall more than expected if budget results are confirmed and growth momentum is maintained.
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Translated by Guilherme Miranda
