itch Ratings affirmed on September 17 Morocco’s long-term issuer default rating at BB+, with a stable outlook. It credits the kingdom with sound macroeconomic policies, external liquidity buffers it judges adequate, and the support of its official creditors; against that it sets high public debt, an economy still sensitive to the weather, and development and governance indicators below those of its peers. The central government deficit would widen to 4% of gross domestic product this year, against 3.5% in 2025: the subsidy bill has grown heavier with butane gas, with continued support for road hauliers, and with transfers to the national electricity and water utility, and that spending cancels out the extra revenue drawn from tax reform and better collection.
The respite has a date on it. Fitch brings the deficit back to an average of 3.4% of GDP in 2027-2028 as energy prices normalize and subsidies recede, and sees public debt settling at about 67% of GDP in 2028, precisely where it stood in 2025. Growth, for its part, would slow to 4% this year after 4.9% in 2025, before averaging 4.2% in 2027-2028, with a good farming season and the building sites of infrastructure, industry and tourism cushioning the rise in energy and transport costs. What remains is the wager of the decade: on-budget capital spending will hold at 7.5% of GDP as the 2030 World Cup approaches, and most of the large projects will be carried by state-owned companies, public-private partnerships and other vehicles outside the budget. The agency makes no secret of the arithmetic: should costs overrun or state support have to be raised, those commitments will find their way back onto the sovereign balance sheet.
Photo: CAPTAIN RAJU, CC0 1.0.
Infomediaire - Fitch maintient la note souveraine du Maroc à BB+, avec perspective stable
Boursenews - Fitch maintient la note du Maroc à « BB+ », avec une perspective stable
La Vie éco - Rating : Fitch maintient la note « BB+ » du Maroc avec perspective stable
