Moody’s shifts Fiji outlook to negative

Moody’s Investors Service said it affirmed the government of Fiji’s local- and foreign-currency long-term issuer and senior unsecured debt ratings at Ba3 and changed the outlook to negative from stable.

“The change in outlook to negative is driven by the risk that the government is not able to reverse a large increase in its debt burden and weakening in debt affordability as a result of the significant shock to Fiji’s tourism sector due to the global coronavirus outbreak. In particular, in a downside scenario where a gradual recovery in international travel to Fiji does not materialize over the next few quarters, the government’s credit profile would weaken and may be consistent with a lower rating,” Moody’s said in a press release.

© 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.