On April 11, 2008, Standard&Poor's Ratings Services revised its outlook on the Kingdom of Morocco to stable from positive, as political and economic developments make fiscal and external objectives more difficult to achieve. 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. We have also affirmed our 'BBB-' issue ratings on the Kingdom's senior unsecured foreign currency debt. The recovery rating of '2' remains unchanged, indicating our expectation of substantial recovery (70%-90%) for unsecured creditors in the event of a payment default. The outlook revision reflects our view that the policy response to the current difficult conjuncture--with
