FRANKFURT (Standard&Poor's) July 13, 2011--Standard&Poor's Ratings Services today said that it has affirmed the 'BBB-' foreign-currency long-term rating on the Kingdom of Morocco. At the same time, we lowered the local-currency long-term sovereign credit rating to 'BBB' from 'BBB+' on the change of our methodology for rating sovereign governments. We also affirmed the foreign- and local-currency short-term ratings at 'A-3' and 'A-2', respectively. The outlook is stable. Our transfer and convertibility assessment for Morocco remains 'BBB+'. This rating action follows the implementation of Standard&Poor's Ratings Services' revised methodology and assumptions for sovereign ratings. Under our revised methodology, the gap between the local and foreign currency ratings on most of our rated sovereigns, worldwide, is
