RABAT, July 24 – Morocco’s Tanger Med Port Authority (TMPA) has received its first long-term investment-grade credit ratings from both S&P Global Ratings and Moody’s Ratings, marking a significant milestone for Africa’s largest container port as it prepares for a major expansion of its infrastructure.
S&P assigned TMPA a BBB- long-term issuer credit rating with a stable outlook, while Moody’s awarded the port authority a Baa3 long-term issuer rating, also with a stable outlook.
The ratings reflect Tanger Med’s growing importance in global maritime trade, underpinned by its strategic location, strong operating performance and long-term investment programme.
According to S&P, Tanger Med handled 11.1 million twenty-foot equivalent units (TEUs) in 2025, while generating MAD 3.3 billion in earnings before interest, taxes, depreciation and amortisation (EBITDA).
Moody’s reported that the port generated MAD 4.43 billion in revenue and MAD 3.25 billion in adjusted EBITDA during the same period.
S&P said Tanger Med benefits from its strategic location on the Strait of Gibraltar, connecting more than 180 ports worldwide. The agency noted that the port has established itself as a key transshipment hub through its operational efficiency, automated terminals, competitive pricing and its designation as one of Maersk’s seven global hub terminals.
The rating agency also highlighted Tanger Med’s inclusion in the Gemini Cooperation, launched by Maersk and Hapag-Lloyd in 2025. Under the alliance, Tanger Med serves as one of 15 global hub ports supporting major shipping routes linking Asia, Europe, the Middle East and the United States.
Both rating agencies expect the port authority’s borrowing levels to increase as it undertakes a substantial investment programme to expand capacity.
S&P said TMPA plans to invest approximately €1.1 billion (MAD 11.76 billion) between 2026 and 2028 to expand its container handling capacity and accommodate rising cargo volumes.
The agency expects TMPA’s funds from operations-to-debt ratio to decline from 34% in 2025 to around 16% by 2028 before recovering once the expansion programme is completed.
Moody’s similarly forecast negative free cash flow until 2029, citing continued investment in projects including a new Roll-on Roll-off (Ro-Ro) terminal and additional port infrastructure.
However, the agency expects the port authority to maintain funds from operations-to-debt above 14%, supporting its investment-grade credit profile.
Both agencies identified TMPA’s long-term concession model as one of its principal strengths. Much of the port’s revenue is secured through long-term agreements with shipping operators that include minimum traffic commitments, providing predictable cash flows even during periods of weaker trade activity.
S&P noted that its rating is aligned with Morocco’s sovereign credit rating, reflecting its assessment that TMPA is a government-related entity with a very high likelihood of receiving state support if required.
Moody’s also classified the port authority as government-related but assigned a rating one notch above Morocco’s sovereign rating, citing the port’s internationally diversified business, significant foreign currency earnings and limited government interference in its commercial operations.
Both agencies said their stable outlooks reflect expectations that Tanger Med will maintain strong financial performance while successfully executing its long-term expansion strategy, further strengthening its position as one of Africa’s most important maritime trade gateways.
