S&P: Morocco outlook stable

Standard & Poor's said it revised its outlook on the Kingdom of Morocco to stable from positive as political and economic developments make fiscal and external objectives more difficult to achieve.

The agency also affirmed Morocco's BB+ long-term and B short-term foreign-currency sovereign credit ratings, its BBB long-term and A-3 short-term local-currency sovereign credit ratings and the BBB- issue ratings with recovery ratings of 2 on the kingdom's senior unsecured foreign-currency debt.

The agency said the outlook revision reflects its view that the policy response to the current difficult conjuncture - with higher global commodity prices and high social demands - will be a fiscal loosening in 2008, slowing the pace of debt reduction and extending the horizon for Morocco's debt burden indicators to converge with those of higher-rated sovereigns.

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