LONDON (Standard&Poor's) June 28, 2006--Standard&Poor's Ratings Services said today it affirmed its 'BB+' long-term and 'B' short-term foreign currency, and its 'BBB' long-term and 'A-3' short-term local currency sovereign credit ratings on the Kingdom of Morocco. The outlook is stable. "The ratings on Morocco are supported by robust external indicators, including high external liquidity and a public sector net external asset position, as well as by strong official commitment to reform, to achieve long-term fiscal consolidation and greater economic diversification," said Standard&Poor's credit analyst Véronique Paillat-Chayriguès. "The ratings remain constrained, however, by limited fiscal flexibility, a large sovereign debt burden, and weak socioeconomic indicators, including GDP per capita that is low for the peer
