LONDON (Standard&Poor's CreditWire) July 7, 2000--Standard&Poor's today affirmed its ratings on Morocco, including its double-'B'/'B' foreign currency and its triple-'B'/'A-3' local currency issuer credit ratings. The outlook remains stable. For a full list of ratings, please see RatingsDirect, Standard&Poor's Web-based credit analysis system, or telephone the Ratings Desk on (44) 20-7826-3540. The Kingdom of Morocco's ratings are constrained by: -- Its high public-sector and external debt burdens. Total public-sector debt and net public-sector external debt, at an estimated 98% of GDP and 83% of exports, respectively, in 2000, still significantly exceed both single-'B' and double-'B' medians. -- Its deteriorating fiscal indicators. The central government deficit, excluding privatization receipts, is expected to reach 7.3% of
