Morocco has steadily reduced its government debt burden over the past decade, giving it more flexibility in its economic policy. We are raising the foreign and local currency ratings by one notch to 'BBB-/A-3' and 'BBB+/A-2', respectively. The outlook is stable. On March 23, 2010, Standard&Poor's Ratings Services raised its long-term foreign currency sovereign credit rating on the Kingdom of Morocco to 'BBB-' from 'BB+', and its long-term local currency sovereign credit rating to 'BBB+' from 'BBB'. Standard&Poor's also raised its short-term foreign currency sovereign credit rating on Morocco to 'A-3' from 'B' and its short-term local currency sovereign credit rating to 'A-2' from A-3'. The outlook on the long-term ratings is stable. Standard&Poor's
