VOL. XLVII

No 11

15-March-2004

MOROCCO

RATINGS

Banque Centrale Populaire Outlook Revised To Positive

Following the revision of Moroccos sovereign outlook, S&P revised its outlook on Morocco-based Banque Centrale Populaire (BCP) to positive from stable and affirmed all ratings on the bank. The positive outlook on BCP mainly reflects that on Morocco, as the bank has significant direct exposures to the sovereign and its shareholding structure will remain, by law, directly and indirectly dominated...