(The following statement was released by the rating agency)
Oct 12 - Overview
-- We revised to negative our outlook on the sovereign long-term foreignand local currency credit ratings on Morocco on Oct. 11, 2012.
-- Following the sovereign action, we are revising our outlook onMoroccan bank Banque Centrale Populaire to negative from stable and affirmingour 'BBB-/A-3' long- and short-term ratings.
-- The negative outlook mirrors that on Morocco. Rating Action
On Oct. 12, 2012, Standard & Poor's Ratings Services revised its outlook onMoroccan bank Banque Centrale Populaire (BCP) to negative from stable. At thesame time we affirmed our 'BBB-/A-3' long- and short-term counterparty creditratings.
The outlook revision follows the same action on our outlook on the sovereignrating on the Kingdom of Morocco (foreign currency BBB-/Negative/A-3, localcurrency BBB/Negative/A-2) (see "Kingdom of Morocco Ratings Affirmed; OutlookRevised to Negative On Weaker Fiscal And External Positions" published on Oct.11, 2012, on RatingsDirect on the Global Credit Portal). The ratings on BCPare constrained by the sovereign foreign currency ratings on Morocco and donot exceed those on the sovereign because we do not believe the bank wouldwithstand a scenario where Morocco defaulted on its obligations.