S&P lowers Fiji

Standard & Poor's said it lowered to B from B+ its long-term foreign currency credit rating on the Republic of Fiji Islands and lowered to B+ from BB- its long-term local currency credit rating on Fiji.

At the same time, the agency said it affirmed its B short-term ratings on Fiji.

S&P said it also removed all its credit ratings on Fiji from CreditWatch, where they were placed with negative implications on Nov. 2 and assigned a negative outlook on the long-term ratings.

"The lowering of the credit ratings on Fiji and the negative outlook reflect increasing external pressures, which may continue to mount in the face of political uncertainty and a pattern of large current account deficits," said S&P credit analyst Kyran Curry of the Sovereign Ratings group.

The risk of unrest and violence has receded somewhat following the initial instability caused by the military overthrow of Laisenia Qarase's democratically elected government, the agency added.

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