Fitch rates Suriname

Fitch Ratings said it assigned a B rating to foreign currency obligations and a B+ rating to local currency obligations of Suriname.

Fitch said Suriname's ratings balance a low level of public sector and external debt, as well as its low debt servicing requirements against a weak track record of public finance management and implementation of structural reforms.

The ratings also take into account its comparatively better social indicators, which could contribute positively to future growth prospects. Loose fiscal policies have undermined macroeconomic stability and there have been two occurrences of hyperinflation since the early 1990s, while export and economic growth have been erratic. Macroeconomic balance was restored in 2003 and medium-term prospects for growth and investment have improved, driven by developments in the mining sector.

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