Morocco's economic growth should pick up as higher-value-added sectors increase output. We expect the large fiscal and current account deficits to continue to narrow, although their financing will increase government and external debt stocks. We are affirming our long- and short-term foreign and local currency sovereign credit ratings on Morocco at 'BBB-/A-3'. The stable outlook reflects our expectation that the fiscal and current account deficits will continue to narrow over the next few years, while economic growth accelerates. On April 17, 2015, Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on the Kingdom of Morocco. The outlook is stable. Since our last review, in November 2014, we have revised down
