asablanca has just been rated for the first time by an international agency: S&P Global Ratings has assigned it BBB- long term and A-3 short term, with a stable outlook. The rating places the metropolis in the investment-grade category and exactly level with the Kingdom, itself rated BBB-. Taken on its own, though, the agency judges the commune’s credit profile at bbb+, two notches higher: S&P does not grant it in the rating, because it considers that a Moroccan local authority, dependent on state transfers and shared tax revenue, cannot durably be rated above the state itself.
For 2026-2028 the agency expects satisfactory budget performance from the city and a gradual fall in its direct debt, which explains a stable outlook mirroring the country’s. For a commune whose large urban projects call for growing financing, this first rating matters as much as its level: it gives foreign lenders a yardstick Casablanca did not have. As long as the Kingdom stays rated BBB-, however, no improvement in the city’s accounts can lift it above that step.
Photo: AyourAchtouk, CC BY-SA 4.0.
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