S&P Global Ratings awarded Morocco the only investment-grade rating for a Eurobond issuer in Africa, a boost for the kingdom as it ramps up spending for the 2030 soccer World Cup.
Friday’s upgrade puts Morocco’s credit score at BBB-, on par with Hungary and Oman, and restores a ranking lost in 2021 when the Covid pandemic and drought roiled Morocco’s tourism and agriculture-reliant economy. S&P set the outlook at stable.