The American agency Fitch Ratings has kept Morocco’s rating unchanged for long-term foreign currency issues, at BB+ with a stable outlook.
Fitch based its assessment on the relevance of macroeconomic policies, the solid support of official creditors, the favorable debt profile and comfortable liquidity reserves.
She noted, however, that these strengths are counterbalanced by lower development and governance indicators compared to its peers, a high level of public debt and vulnerability to climatic conditions.
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In 2023, the Moroccan economy jumped by 3.4% compared to 1.5% in 2022, driven by the good performance of the non-agricultural sector and a rebound in agricultural production.
Fitch forecasts a slowdown in growth to 3% in 2024, due to limited rainfall which slows agricultural production and expects average growth of 3.5% over the period 2025-2026, thanks to a return to normal in the agricultural production and the sustained performance of the non-agricultural sector.
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The rating agency further noted that strong external demand will support tourism and the automobile industry, while government policies in favor of access to property should favor the construction sector.
Regarding revenues, Fitch expects an average increase of 22% over the period 2024-2026, accompanied by an increased use of innovative financing of around 2.1% over the period 2024-2026, compared to 1.7%. in 2023.
