Moody's downgrades Fiji

Moody's Investors Service said it downgraded the government of Fiji's long-term issuer and senior unsecured ratings to B1 from Ba3.

“The downgrade is driven by the erosion of Fiji's economic and fiscal strengths in the wake of the pandemic-induced long-lasting tourism shock. Specifically, Moody's assesses that Fiji faces long-term economic scarring from a long delayed and likely only gradual restart of tourism, leading to a sharp decline in employment and tax revenue. As a result, Fiji will carry a much higher debt burden for years to come,” the agency said in a press release.

The outlook remains negative.

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