The ratings on the Kingdom of Morocco are supported by the government's overall track record of prudent fiscal management, its commitment to long-term macroeconomic stability, and high political stability. This has allowed the government to manage the fiscal and social risks linked to a more challenging external environment in 2009. A moderate government debt burden and a strong external position further support the ratings. Structural economic and social weaknesses continue to weigh on the ratings compared with investment-grade sovereigns. Morocco's net general government debt indicators have steadily converged with the 'BBB' median over the past five years, standing at 33% of GDP in 2010, against 50% in 2005. This has been achieved thanks to continuous fiscal consolidation in a favorable
