Continued commitment to structural reforms and political liberalization Robust external indicators, including high external liquidity and a public sector net external asset position Limited fiscal flexibility A general government debt burden in excess of the 'BB' median High social spending needs and a weak economic structure, partially balanced by sound growth prospects The ratings on the Kingdom of Morocco are supported by robust external indicators, including high external liquidity and a public sector net external asset position. The ratings are also underpinned by strong official commitment to reform, to achieve long-term fiscal consolidation and greater economic diversification. The ratings remain constrained by limited fiscal flexibility, a large sovereign debt burden, and weak socioeconomic indicators. Standard&Poor's Ratings Services expects
