LONDON (Standard&Poor's) Feb. 21, 2003--Standard&Poor's Ratings Services said today it revised its outlook on the Kingdom of Morocco to stable from negative, reflecting expectations that the government debt burden will stabilize. At the same time, Standard&Poor's affirmed its 'BBB/A-3' local currency and 'BB/B' foreign currency sovereign credit ratings on the Kingdom. "The expected stabilization of the general government debt reflects improved control over public expenditures and tax collection," 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, and is projected to remain stable at this level over the next few years." Central government expenditures decreased to 26.2% of GDP
