FRANKFURT (Standard&Poor's) Nov. 30, 2012--Standard&Poor's Ratings Services said today that it has assigned its 'BBB-' long-term senior unsecured debt rating to the proposed benchmark bond to be issued by the Kingdom of Morocco (foreign currency BBB-/Negative/A-3). The ratings on Morocco are supported by its macroeconomic management approach, which has traditionally focused on achieving stability. This has contributed to strong economic growth relative to peers, low consumer price inflation, relatively low external leverage, and moderate government debt levels. The ratings are constrained by comparatively low prosperity (relative to similarly rated peers) and by social pressures, which we believe have increased since the Arab Spring, but remain much lower than in neighboring countries. The general government balance was
