Morocco's recently disappointing 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 narrowing of the still-large fiscal and current account deficits will continue over the next few years, while economic growth will accelerate. On Nov. 14, 2014, 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. Morocco has faced strong headwinds since
