OVERVIEW In our view, Morocco's external and fiscal deficits will continue to consolidate, supported by the government's consolidation plan and reforms, as well as a more-favorable external environment. We are therefore revising our outlook on Morocco to stable from negative. We are affirming our 'BBB-/A-3' long- and short-term sovereign credit ratings on Morocco. The stable outlook reflects our view that growth-oriented reforms will continue and that Morocco's high external financing needs will be met by foreign direct investment (FDI) and the ready access to capital markets of the public sector and large private companies. RATING ACTION On May 16, 2014, Standard&Poor's Ratings Services revised its outlook on the Kingdom of Morocco to stable from negative. At the same
