Standard And Poor raises ratings outlook for Morocco to stable

Standard And Poor Ratings Services on Friday said it raised its ratings outlook for Morocco.

The rating was raised on expectations the country's debt would stabilize.

The firm said it was changing Morocco's rating to stable from negative and also affirmed the country's "BBB/A 3" local currency and "BB/B" foreign currency sovereign credit ratings.

Moroccan minister of finance and privatization said Standard And Poor's decision of Friday is more positive since it was taken in a context of growing economic uncertainty in the world.

The agency's raising of its rating outlook from "negative" to "stable" is explained by several factors including "the sustained liberalization of the public sector, Morocco's foreign debt's trend to decrease and the structural reforms under way in the country.

According to Standard And Poor, the political liberalization the kingdom is experiencing, as evidenced by the legislative elections of September 2002, wards off any threat of social or political instability.