Casablanca has received a long-term credit rating of BBB- and a short-term rating of A-3 from S&P Global Ratings, both with a stable outlook. Announced on October 26, the ratings come as the city’s financial position is expected to improve over the coming years.
In its report published on October 22, the international agency forecasts higher municipal revenues, supported by improved tax collection and tighter control of operating expenses. Gross savings are expected to rise from 19% of operating revenue in 2025 to around 25% in 2028.
Finances to support the city’s development projects
The improvement would allow Casablanca to retain more resources after covering its day-to-day expenses and finance a larger share of its investments without relying as heavily on borrowing. To achieve this, the city is focusing on modernizing its tax administration, digitizing procedures and broadening its tax base.
Beyond its budget indicators, S&P Global Ratings takes into account Casablanca’s economic weight as Morocco’s main economic and financial center, the diversity of its activities and its ability to attract investment.
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The agency also considers the municipality’s financial management and its ability to draw on different sources of funding. These resources are expected to help finance projects under the 2023-2028 Municipal Action Plan and development programs for Greater Casablanca, covering urban transformation, mobility, infrastructure and public services.
Debt expected to decline gradually
For 2026-2028, S&P expects the municipality to maintain satisfactory budgetary performance and gradually reduce its direct debt. The agency also points to its solid cash position and access to various sources of financing. Casablanca’s stable outlook reflects that of the Kingdom of Morocco.
The municipality, for its part, intends to continue increasing revenue, controlling spending and limiting debt. The goal is to preserve its ability to finance projects and support the city’s development. The rating also provides a reference point for its financial partners and investors.
