Fitch ups Seychelles

Fitch Ratings said it upgraded Seychelles' long-term foreign-currency issuer default rating to B from B-; long-term local-currency issuer default rating to B+ from B and country ceiling to B from B-. Its short-term issuer default rating is affirmed at B.

The outlook is stable.

The upgrade reflects Seychelles' outperformance, by a wide margin, of the fiscal targets set for it by the International Monetary Fund program for a second consecutive year, Fitch said.

It also reflects the successful restructuring on more favorable terms of all its commercial bank debt and most outstanding non-Paris Club bilateral debt, a solid macroeconomic performance and an improvement in external liquidity, which nonetheless remains a key rating weakness, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.