Morocco Becomes Africa’s Only Investment-Grade Borrower in Global Bond Markets

Morocco has become the only country in Africa with an investment-grade rating on international bonds, after S&P Global Ratings upgraded its credit score to BBB- with a stable outlook.

This upgrade means international investors now consider Morocco as a relatively safe place to lend money compared to most other African nations, many of which are still rated “junk” by major ratings agencies. Being rated investment-grade allows Morocco to borrow money more cheaply from global financial markets.

The decision comes as Morocco prepares to spend about USD 35 billion on large-scale projects by 2030, including new sports stadiums, ports, railways, and an expanded national airline. Much of this infrastructure is linked to the country’s role as a co-host of the 2030 FIFA World Cup alongside Spain and Portugal.

S&P said the upgrade reflects Morocco’s “strong economic reforms” and stable financial outlook. The country is expected to see growth of about 4.6% this year, while inflation has fallen below 1% after spiking above 10% in 2023.

Other ratings agencies, including Moody’s and Fitch, still rank Morocco’s debt as “junk,” but investors have shown confidence regardless. In March, Morocco raised EUR 2 billion in international bonds, with demand far outstripping supply.