Morocco — Sovereign Signal
BT-SFS 52.2/100 · BB+ · 126 bps over Treasuries
Score and market snapshot
Morocco trades 22 bps tight of its fundamentals fit (fitted spread 148 bps).
| Field | Value |
|---|---|
| BT-SFS score | 52.2 / 100 |
| Rank | 25 of 51 |
| Composite rating | BB+ |
| Agency ratings | Moody's Ba1 · S&P BBB- · Fitch BB+ |
| Benchmark USD bond | MOROC 6.5 33 |
| Spread over Treasuries | 126 bps |
| Yield to worst | 5.41% |
| Duration | 5.7y |
Pillar scores
| Pillar | Score (0-100) |
|---|---|
| Fiscal | 48.3 |
| External | 42.9 |
| Macro | 75.0 |
| Institutions | 47.9 |
The nine metrics behind the score
| Metric | Pillar | Raw value | Score | Source | Year |
|---|---|---|---|---|---|
| Current account / GDP | External | -3.1% | 29.2 | IMF | 2026 |
| International reserves, months of imports | External | 5.3 mo | 53.3 | World Bank | 2024 |
| General government debt / GDP | Fiscal | 65.8% | 40.6 | IMF | 2026 |
| Interest expense / revenue | Fiscal | 8.1% | 68.8 | IMF | 2026 |
| Primary balance / GDP | Fiscal | -1.3% | 33.3 | IMF | 2026 |
| WGI institutional composite | Institutions | -0.24 | 47.9 | WGI composite | 2024 |
| Real GDP growth | Macro | 4.9% | 91.7 | IMF | 2026 |
| GDP per capita, USD | Macro | $5,107 | 25.0 | IMF | 2026 |
| Inflation stress | Macro | 1.3% | 100.0 | IMF | 2026 |
Score history
Applying the current methodology to historical sources, Morocco moves from 44.4 in 2016 to 52.2 in 2026 (+7.8 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 52.2/100 on the BT Sovereign Fundamentals Score, ranking 25 of 51 sovereigns covered. The score is built from nine public IMF and World Bank metrics across fiscal, external, macro, and institutions pillars.
Which Morocco USD bond does BondTerminal track?
MOROC 6.5 33 (ISIN XS2595028700), the near-5-year USD benchmark, currently 126 bps over Treasuries with a 5.41% yield to worst.
Is Morocco trading wide or tight of its fundamentals?
Morocco trades 22 bps tight of its fundamentals fit (fitted spread 148 bps).
Related
- All 51 sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — every metric, weight, and transformation, in public.
- Morocco vs Jordan — fundamentals and spreads head to head.
- Bahrain — regional peer, BT-SFS 45.5 · 269 bps.
- Pakistan — regional peer, BT-SFS 34.3 · 318 bps.
- Egypt — regional peer, BT-SFS 33.5 · 323 bps.