{"id":3949,"date":"2026-07-24T10:44:42","date_gmt":"2026-07-24T09:44:42","guid":{"rendered":"https:\/\/zawaya24.com\/en\/?p=3949"},"modified":"2026-07-24T10:44:42","modified_gmt":"2026-07-24T09:44:42","slug":"tanger-med-port-authority-secures-first-investment-grade-credit-ratings","status":"publish","type":"post","link":"https:\/\/zawaya24.com\/en\/tanger-med-port-authority-secures-first-investment-grade-credit-ratings\/","title":{"rendered":"Tanger Med Port Authority secures first investment grade credit ratings"},"content":{"rendered":"

Tanger Med Port Authority<\/strong> has obtained its first long-term investment grade credit ratings from S&P Global Ratings and Moody\u2019s Ratings. Both agencies assigned stable outlooks, recognizing the port operator\u2019s strong competitive position, resilient business model, and ambitious expansion strategy.<\/p>\n

S&P Global Ratings assigned TMPA a long-term issuer credit rating of BBB-<\/strong> with a stable outlook, while Moody\u2019s Ratings awarded a Baa3<\/strong> long-term issuer rating, also with a stable outlook. The assessments reinforce the financial credibility of the operator as it continues expanding one of the world’s busiest transshipment hubs.<\/p>\n

The investment grade ratings come as Tanger Med strengthens its position as Africa\u2019s largest container port and Morocco\u2019s leading import-export gateway. In 2025, the port handled 11.1 million twenty-foot equivalent units (TEUs)<\/strong>. According to S&P, the operator generated EBITDA of MAD 3.3 billion<\/strong>, while Moody\u2019s reported revenue of MAD 4.43 billion<\/strong> and adjusted EBITDA of MAD 3.25 billion<\/strong> during the same period.<\/p>\n

S&P highlighted Tanger Med\u2019s strategic location on the Strait of Gibraltar, providing direct connectivity to more than 180 ports worldwide. The agency credited the port\u2019s operational efficiency, automated terminals, competitive pricing, and its role as one of Maersk\u2019s seven global hub terminals for strengthening its market position.<\/p>\n

The agency also emphasized the port\u2019s participation in the Gemini Cooperation<\/strong>, launched by Maersk and Hapag-Lloyd in 2025. Under the alliance, Tanger Med serves as one of 15 global hub ports supporting key shipping routes linking Asia, Europe, the Middle East, and the United States.<\/p>\n

Both rating agencies expect TMPA to increase borrowing over the coming years as it finances a new investment cycle aimed at expanding capacity and supporting future cargo growth.<\/p>\n

S&P estimates that the port authority will invest approximately \u20ac1.1 billion (MAD 11.76 billion)<\/strong> between 2026 and 2028 to expand container handling capacity and related infrastructure. As a result, the agency expects the ratio of funds from operations to debt to decline from 34% in 2025<\/strong> to around 16% by 2028<\/strong>, before recovering after the investment program is completed. Free operating cash flow is also expected to remain negative during the expansion phase before returning to positive territory from 2029.<\/p>\n

Moody\u2019s similarly forecasts negative free cash flow until 2029 due to ongoing infrastructure projects, including the development of a Roll-on Roll-off terminal and additional port facilities. Despite the higher borrowing requirements, the agency expects TMPA to maintain funds from operations to debt above 14%<\/strong>, supporting its investment grade profile.<\/p>\n

Both agencies identified the port\u2019s long-term concession model as one of its principal strengths. A significant share of revenue comes from long-term agreements with shipping operators that include minimum traffic commitments, providing stable and predictable cash flows even during periods of weaker market demand.<\/p>\n

S&P noted that its rating remains aligned with Morocco\u2019s sovereign rating because it considers TMPA a government-related entity with a very high probability of receiving state support if necessary.<\/p>\n

Moody\u2019s also classified the operator as government-related but assigned a rating one notch above Morocco\u2019s sovereign rating. The agency cited the port\u2019s international transshipment business, strong foreign currency earnings, and limited government intervention as factors supporting greater credit resilience.<\/p>\n

Both agencies concluded that the stable outlook reflects expectations that Tanger Med Port Authority<\/strong> will preserve solid financial performance while successfully executing its large-scale expansion program.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tanger Med Port Authority has obtained its first long-term investment grade credit ratings from S&P…<\/p>\n","protected":false},"author":1,"featured_media":3947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[3878,2786,503,2523],"class_list":["post-3949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie","tag-credit-ratings","tag-logistics","tag-morocco-economy","tag-port-infrastructure"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/posts\/3949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/comments?post=3949"}],"version-history":[{"count":1,"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/posts\/3949\/revisions"}],"predecessor-version":[{"id":3950,"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/posts\/3949\/revisions\/3950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/media\/3947"}],"wp:attachment":[{"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/media?parent=3949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/categories?post=3949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zawaya24.com\/en\/wp-json\/wp\/v2\/tags?post=3949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}