S&P upgrades Fiji

Standard & Poor’s said it raised the long-term foreign- and local-currency sovereign ratings on the Republic of Fiji to B+ from B.

S&P also said it affirmed the short-term rating on Fiji at B.

The outlook is stable.

S&P also said it raised the transfer & convertibility assessment to B+ from B.

The upgrade reflects a view that Fiji will maintain the recent improvement in its economic performance to register average real GDP growth of about 3.6% from 2013 to 2015, S&P said.

Fiji’s smooth transition to democratic rule following elections in September 2014 and continued reforms are providing a more-conducive economic environment and have resulted in the re-engagement of donor and multi-lateral lenders, the agency said.

The ratings also consider the country’s weak institutional settings, low income level and limited monetary policy flexibility that constrains the government’s credit-standing, S&P added.

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