S&P Global Ratings cut on Friday 2 April 2021 Morocco's sovereign credit rating to 'BB+' from 'BBB-' and changed its outlook to 'stable' from 'negative', citing as the main triggers behind the downgrade the country's current economic contraction and the corresponding growing budget deficit. The decision came after other rating agencies, Moody’s and Fitch Ratings, gave Morocco’s credit rating similar downgrades in recent months. S&P estimated that Morocco's economy contracted sharply by 6.7% in 2020 and its general government deficit rose to 7.7% of GDP, and budgetary consolidation over 2021-2024 is likely to be slow, with net general government debt rising to about 72% of GDP in 2024. Moody's credit rating for Morocco was last set at Ba1 with negative outlook. Fitch's credit rating for Morocco was last reported at BB+ with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Morocco thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Morocco as reported by major credit rating agencies.