S&P upgrades Fiji

Standard & Poor's said it upgraded the foreign-currency long-term sovereign credit rating on Fiji to B from B-, along with its transfer & convertibility assessment to B from B-.

The outlook was revised to stable from positive.

The agency also said it affirmed the B local-currency long-term rating and raised the C local- and foreign-currency short-term ratings to B.

The upgrades follow continued improvements to the country's external position, S&P said, along with the agency's revised methodology and assumptions for sovereign ratings.

The ratings also reflect the country's persistent fiscal and current account deficits, the agency said.

They also encapsulate Fiji's growth prospects, which have been reduced by past political instability, low productivity in the sugar sector and flood damage to both crops and infrastructure, S&P added.

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