LONDON (Standard&Poor's) March 8, 2004--Standard&Poor's Ratings Services said today it revised its foreign currency outlook on the Kingdom of Morocco to positive from stable. At the same time, the 'BB/B' foreign currency and 'BBB/A-3' local currency ratings on Morocco were affirmed. The local currency outlook remains stable. "The revised foreign currency outlook reflects the strong improvement in Morocco's external liquidity, as well as an acceleration in structural reforms," said Standard&Poor's credit analyst Luc Marchand. Morocco's external position has been improving significantly in the past three years, thanks notably to a decrease in public sector external debt, sustained inflows of nonresident Moroccan remittances and privatization receipts, and the stabilization of the government's net borrowing requirement.
