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Rabat – The October 2025 issue of Coface’s Risk Review has maintained Morocco’s rating at level B.
This reflects a contained level of risk and a firm business environment, contrary to growing vulnerabilities in other neighboring countries.
According to the French credit insurer, the B rating means that companies can evolve without serious constraint, though external and institutional frailties remain.
The report points to Morocco’s “solid macroeconomic framework, modern infrastructure, and active sectoral diversification policy” as factors underpinning its economic resilience. No adjustment was made to Morocco’s rating this quarter, which confirms the strength of its fundamentals amid global uncertainty.
Coface’s risk rating ranges from A1 (very low risk) to E (extreme risk). That Morocco has maintained its B rating – without being downgraded or upgraded – is viewed as a positive indicator in a region where most countries have seen their risk ratings deteriorate due to heightened political or economic tensions.
North Africa
Coface’s regional analysis shows sharp contrasts in North Africa. Algeria, Tunisia, and Libya have especially been hit hard by recent US tariff hikes of up to 25-30%, testing their external balances.
Morocco, by contrast, is not among the countries impacted – an outcome that confirms its limited commercial exposure to the US and the effectiveness of its diversification strategy.
“The economic impact will be marginal as exposure to the US is low for most countries and considering that many minerals have been exempted,” Coface states. This assessment reinforces Morocco’s position as a country that has successfully reduced its energy dependence, strengthened its foreign exchange reserves, and maintained a stable fiscal environment.
The report also forecasts Africa’s economic growth to be 4.1% in 2025 and 4.2% in 2026, supported by moderating inflation and external accounts that are more robust.
Morocco’s own forecast is not stated, but it remains in line with this trend upwards, powered by strong industrial investment, infrastructural development, and a sustained diversification of the economic base.
Global context
On a global scale, Coface predicts 2.6% growth in 2025 and 2.4% in 2026, with marked imbalances between regions. The US continues to perform more favorably than expected, China is decelerating, and the eurozone is struggling to return to speed. Inflation is under control in most regions, except in the US, where it will reach 4% in early 2026.
Yet the most significant concern is on the political side; Coface’s political risk index globally has reached a record 41.1%, higher than its pandemic level.
“What was once considered a temporary turbulence has become structural,” the report warns, citing rising polarization, geopolitical conflict, and challenges related to the energy transition. The US sees the sharpest rise in political risk between 2024 and 2025, owing to the growing institutional frailty and rise of populism.
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