Moody’s lifts Fiji to positive

Moody's Investors Service said it affirmed the government of Fiji's foreign-currency and local-currency issuer ratings at B1.

The outlook also was revised to positive from stable.

Fiji's foreign currency senior unsecured rating also was affirmed at B1.

The local-currency bond and deposit ceilings were raised to Ba1 from Ba2. The foreign-currency bond ceiling is Ba3 and the foreign-currency deposit ceiling is B2, S&P said.

The positive outlook reflects an expectation that higher economic growth and macro-economic stability will endure over the medium-term, notwithstanding the near-term impact from tropical cyclone Winston, Moody’s explained.

The outlook also considers the likelihood that the sovereign credit profile will continue to strengthen due to lower political risk, policy reforms and improved funding conditions, the agency said.

The country’s improving economic strength was illustrated by robust growth and stability in inflation and the balance of payments, S&P said.

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