Current Morocco credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Morocco ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Morocco, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
The table below shows the current Morocco credit ratings, according to the main rating agencies.
| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | BB+ | positive | 1 Apr 2024 | outlook upgrade |
| Moody's Investors Service | Ba1 | - | 4 Jul 2022 | outlook upgrade |
| Fitch Ratings | BB+ | - | 23 Oct 2020 | rating downgrade |
| DBRS | - | - |
Morocco: Long-term Rating Scales Comparison
Morocco long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Morocco sovereign debt. These scales help investors understand the likelihood that Morocco will meet its financial obligations.
Symbol means a negative outlook.
| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
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Morocco Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 1 Apr 2024 | BB+ | |||
| 4 Jul 2022 | Ba1 | |||
| 5 Apr 2021 | BB+ | |||
| 6 Feb 2021 | Ba1 | |||
| 23 Oct 2020 | BB+ | |||
| 3 Oct 2020 | BBB- | |||
| 29 Apr 2020 | BBB- | |||
| 5 Oct 2019 | BBB- | |||
| 21 Nov 2018 | Ba1 | |||
| 6 Oct 2018 | BBB- | |||
| 24 Feb 2017 | Ba1 | |||
| 2 Sep 2014 | Ba1 | |||
| 16 May 2014 | BBB- | |||
| 11 Feb 2013 | Ba1 | |||
| 11 Oct 2012 | BBB- | |||
| 23 Mar 2010 | BBB- | |||
| 11 Apr 2008 | BB+ | |||
| 19 Apr 2007 | BBB- | |||
| 26 Mar 2007 | BB+ | |||
| 9 Aug 2005 | BB+ | |||
| 8 Mar 2004 | BB | |||
| 18 Jun 2003 | Ba1 | |||
| 21 Feb 2003 | BB | |||
| 3 Dec 2001 | Ba1 | |||
| 2 Nov 2001 | BB | |||
| 22 Jul 1999 | Ba1 | |||
| 2 Mar 1998 | BB |
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