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Bond Market News
Morocco Upgraded to IG Status by S&P; Bonds Tick Marginally Higher
September 30, 2025
Morocco was upgraded by a notch to investment grade status of BBB- by S&P, making it a rising star. S&P cited structural reforms, fiscal improvements, and expectations of a gradual decline in debt-to-GDP as reasons for the move. The higher rating enhances Morocco’s ability to attract foreign investment and finance infrastructure ahead of the 2030 FIFA World Cup, seen as a catalyst for economic growth. However, domestic tensions highlight the challenges ahead: protests erupted across major cities against government spending on the World Cup instead of critical services like healthcare. The government is set to present its 2026 budget bill next month. The upgrade, which restores Morocco’s pre-2021 status is said to have boosted demand for its dollar bonds.
Its 5.5% 2042s are higher by ~0.7 points to trade at 96.1, yielding 5.86%.
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