Morocco — Sovereign Signal
BT-SFS 51.6/100 · BB+ · 121bps over Treasuries
Score and market snapshot
Morocco trades 27bps tight of its fundamentals fit (fitted spread 148bps).
| Field | Value |
|---|---|
| BT-SFS | 51.6 / 100 |
| Rank | 24 of 51 |
| Composite rating | BB+ |
| Agency ratings | Moody's Ba1 · S&P BBB- · Fitch BB+ |
| Benchmark USD bond | MOROC 3 32 |
| Spread over Treasuries | 121bps |
| Yield to worst (S.A.) | 6.27% |
| Duration | 5.4y |
Pillar scores
| Pillar | Score (0-100) |
|---|---|
| Fiscal | 52.5 |
| External | 30.9 |
| Macro | 46.3 |
| Institutions | 71.7 |
The ten metrics behind the score
| Metric | Pillar | Raw value | Score | Source | Year |
|---|---|---|---|---|---|
| Reserves, months of imports | External | 5.9 mo | 30.9 | World Bank | 2025 |
| General government debt / GDP | Fiscal | 65.8% | 24.5 | IMF | 2026 |
| FX public debt / GDP | Fiscal | 17.3% | 73.0 | World Bank/IMF QPSD | 2026 |
| Net interest / revenue | Fiscal | 8.1% | 76.4 | IMF | 2026 |
| Primary balance / GDP | Fiscal | -1.3% | 45.2 | IMF | 2026 |
| Governance (WGI GE + RQ) | Institutions | 55.6 | 52.8 | WGI | 2025 |
| Inflation track record | Institutions | 1.8% | 100.0 | IMF | 1997–2026 (h=10) |
| Real GDP growth, centred 3-year | Macro | 4.8% | 66.5 | IMF | 2025–2027 |
| GDP per capita, USD | Macro | $5,107 | 45.9 | IMF | 2026 |
| Growth volatility, 10-year | Macro | 3.8pp | 33.5 | IMF | 2016–2025 |
Score history
Applying the current methodology to historical sources, Morocco moves from 52.9 in 2016 to 51.6 in 2026 (-1.4 points over ten years).
Default and restructuring registry
No bond default or restructuring events in the registry window.
Frequently asked questions
What is Morocco's sovereign credit score?
Morocco scores 51.6/100 on the BT Sovereign Fundamentals Score, ranking 24 of 51 sovereigns covered. The score is built from ten public IMF and World Bank metrics across fiscal, external, macro, and institutions pillars.
Which Morocco USD bond does BondTerminal track?
MOROC 3 32 (ISIN XS2270576965), the near-5-year USD benchmark, currently 121bps over Treasuries with a 6.27% yield to worst (S.A.).
Is Morocco trading wide or tight of its fundamentals?
Morocco trades 27bps tight of its fundamentals fit (fitted spread 148bps).