The ratings on the Kingdom of Morocco are constrained by its: High, albeit decreasing, fiscal deficit. The central government deficit is expected to remain about 5.0% in 2003, compared with 4.8% in 2002 and 8.8% in 2001. The lower deficits are primarily due to reduced subsidies, limits on wage increases and capital outlays, and improved tax collection. High, and only slowly declining, debt burden. The general government debt burden decreased to 79% in 2002, from about 86% in 2001, and is expected to remain stable at this level over the next few years. Nevertheless, it remains much higher than the 'BB' median (49.5%). Weak economic structure. Estimated at $1,370 in 2003, Morocco's per capita income is lower than that of
