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TEXT-S&P:Banque Centrale Populaire otlk to neg;BBB-/A-3 rtgs afrmd

(The following statement was released by the rating agency)

Oct 12 - Overview

-- We revised to negative our outlook on the sovereign long-term foreign and local currency credit ratings on Morocco on Oct. 11, 2012.

-- Following the sovereign action, we are revising our outlook on Moroccan bank Banque Centrale Populaire to negative from stable and affirming our '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 on Moroccan bank Banque Centrale Populaire (BCP) to negative from stable. At the same time we affirmed our 'BBB-/A-3' long- and short-term counterparty credit ratings.

Rationale

The outlook revision follows the same action on our outlook on the sovereign rating on the Kingdom of Morocco (foreign currency BBB-/Negative/A-3, local currency BBB/Negative/A-2) (see "Kingdom of Morocco Ratings Affirmed; Outlook Revised to Negative On Weaker Fiscal And External Positions" published on Oct. 11, 2012, on RatingsDirect on the Global Credit Portal). The ratings on BCP are constrained by the sovereign foreign currency ratings on Morocco and do not exceed those on the sovereign because we do not believe the bank would withstand a scenario where Morocco defaulted on its obligations.