Moody's upgrades Morocco's credit outlook to positive

On March 6, 2026, Moody's Ratings upgraded Morocco's sovereign credit outlook from "stable" to "positive," a promising step towards achieving an investment grade, following a similar revision by S&P last September.

The agency highlights that this positive outlook reflects the gradual strengthening of the country's economic and fiscal solidity, supported by stable governance and the increasing diversification of the economy. Moody's notes that prudent macroeconomic management, an adequate level of foreign exchange reserves, and satisfactory access to both domestic and international financing enhance the country's resilience.

The report emphasizes the non-agricultural growth, which has consistently exceeded 5%, helping to reduce reliance on a volatile agricultural sector. The rise in public and private investments in infrastructure, energy, water, and logistics, combined with reforms to improve the business environment, is expected to support sustainable growth and bolster competitiveness and exports.

Moody's also acknowledges fiscal progress, which helps contain the debt burden despite social pressures and investment needs. Gradual consolidation, revenue optimization, targeted social spending, and the diversification of funding for major projects could further improve the sustainability of public finances.

If this momentum continues, the agency anticipates a structural improvement in Morocco's growth profile and a faster-than-expected reduction in the debt-to-GDP ratio.