—What. Fitch Ratings, a credit rating agency, withdrew all its ratings on Morocco’s OCP, a state phosphate group, on 12 November 2026.

—Why. OCP stopped taking part in the review, so this is a withdrawal, not a downgrade.

—Still rated. S&P Global Ratings and Moody’s, two other rating agencies, still rate OCP at the lowest step of investment grade.

—Backdrop. OCP’s half-year 2026 EBITDA, operating profit before interest, tax and depreciation, fell 28.5% to about US$1.34 billion.

Morocco’s state-controlled phosphate group OCP has walked away from Fitch Ratings, one of the three big credit rating agencies. Fitch withdrew every rating on the company on Thursday 12 November 2026 after OCP stopped taking part in its review, OCP said.

What Happened

OCP says that Fitch Ratings, a global credit rating agency, withdrew all its ratings on Thursday 12 November 2026 after OCP stopped taking part in the process. That makes it a withdrawal, not a downgrade.

Fitch last affirmed OCP’s long-term rating at BB+ with a stable outlook in November 2025, meaning no change was expected soon. BB+ sits one step below investment grade, the band that cautious lenders treat as safe.

File photo. Office towers rise along a palm-lined avenue in Casablanca Finance City, the business district of Morocco’s economic capital.

Fitch was the only one of the three agencies to keep OCP in speculative grade, which means below investment grade. S&P Global Ratings and Moody’s both rate it investment grade.

OCP says it will not appoint another agency to replace Fitch. It says the separation will have no consequence for its borrowings, in its French words “cette séparation n’aura pas de conséquence sur ses emprunts”.

Why It Matters

OCP is Morocco’s state phosphate group and sells fertiliser worldwide. Investors who lend to it often lean on agency ratings to judge risk.

OCP keeps ratings from S&P Global Ratings (BBB-) and Moody’s (Baa3), two other major agencies. Both are the lowest investment-grade rung, so the Fitch exit removes the lowest of three views.

The Moroccan state owns 94% of OCP, and Fitch ties its rating of the group to its view of the state. That link is why Fitch’s BB+ sat below the other two agencies.

OCP’s half-year 2026 results, published on 29 September 2026, showed revenue down 7.3% to MAD 48.37 billion (about US$4.9 billion), using about 9.94 Moroccan dirhams (MAD) per US dollar at the 13 November 2026 close. EBITDA, operating profit before depreciation, fell 28.5% to MAD 13.31 billion (about US$1.34 billion), a 28% margin against 36% a year earlier.

OCP blamed sulphur, a key raw material for phosphate fertiliser, whose price rose sharply in the first half. Revenue and EBITDA figures come from OCP’s half-year results, and we give no net profit figure because we could not confirm one.

Our report on Morocco’s sulphur imports covers that cost pressure in more detail. The Morocco hub collects our wider coverage of the kingdom.

What Is Not Known

We could not open Fitch’s own rating-action page or an OCP release, so OCP’s reasons rest on its public comments. No date has been announced for any new rating review.

OCP has not said whether it might return to any agency later. It says its borrowings will not be affected, and no public data yet tests that claim.

What It Means for You

For investors in OCP’s bonds, one fewer agency now publishes a view, while the S&P Global and Moody’s investment-grade ratings stay in place. For fertiliser buyers, OCP has not said that supply is affected, and it continues to sell worldwide.

With sulphur costs the main drag on earnings, the next OCP results will show whether the credit story is improving. The two remaining ratings are the figures that now carry the weight.

Frequently Asked Questions

Did Fitch downgrade OCP?

No. Fitch withdrew all its ratings on Thursday 12 November 2026 after OCP stopped taking part, and a withdrawal is not a downgrade.

What ratings does OCP still hold?

S&P Global Ratings rates OCP BBB- and Moody’s rates it Baa3. Both are the lowest investment-grade rung.

Will OCP replace Fitch?

OCP says it will not appoint another agency. It also says the separation will have no consequence for its borrowings.

How did OCP’s earnings fare?

OCP’s half-year 2026 EBITDA fell 28.5% to MAD 13.31 billion (about US$1.34 billion). OCP blamed sulphur, whose price rose sharply in the first half.

OCP Group statements and half-year 2026 results (ocpgroup.ma) · Fitch Ratings (fitchratings.com) · S&P Global Ratings · Moody’s

Africa: The New Scramble — why the world’s powers are competing for the continent