Fitch upgrades Suriname

Fitch Ratings said it upgraded the long-term foreign- and local-currency issuer default ratings of Suriname to BB- from B+ and the country ceiling to BB- from B+.

The outlook is stable.

Fitch also assigned a short-term foreign-currency issuer default rating of B to Suriname.

Suriname's upgrade reflects the Surinamese authorities' demonstrated commitment to rein in fiscal imbalances and maintain price and exchange stability as well as the country's positive investment cycle and growth prospects, according to the agency.

The ratings are also underpinned by the strength of the sovereign's fiscal and external balance sheets relative to peers, the agency said.

Suriname's credit strengths are balanced by the country's institutional capacity constraints, relatively weak macroeconomic policy framework and recent episodes of high inflation and exchange rate volatility, Fitch noted.

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