On March 26, 2007, Standard&Poor's Ratings Services revised its outlook on the Kingdom of Morocco to positive from stable, on improved macroeconomic prospects. At the same time, Standard&Poor's affirmed its 'BB+' long-term and 'B' short-term foreign currency, and its 'BBB' long-term and 'A-3' short-term local currency sovereign credit ratings on Morocco. The outlook revision reflects Morocco's improved economic growth prospects coupled with the regular strengthening of the country's external and fiscal indicators. It also incorporates our expectation that the new coalition government that emerges following the September 2007 elections, which will likely include the moderate Islamist PJD (parti de la Justice et du Développement), will maintain the currently strong momentum for economic reforms and fiscal consolidation.
