LONDON (Standard&Poor's) June 27, 2003--Standard&Poor's Ratings Services said today it assigned its 'BB' senior unsecured debt rating to the Kingdom of Morocco's proposed €400 million five-year Eurobond. The bond is due to mature on July 8, 2008. "The proposed Eurobond issue will not increase the overall general government debt burden, as the authorities intend to use the entirety of the proceeds to refinance some of the Kingdom's more expensive multilateral debt," said Standard&Poor's credit analyst Luc Marchand. "The general government debt burden decreased to 78.0% of GDP in 2002, from 84.6% in 2001. It is projected to remain stable at this level over the next few years, reflecting improved control over public expenditures and
