Moody's ups Mauritius

Moody's Investors Service said it upgraded Mauritius's foreign- and local-currency government bond ratings to Baa1 from Baa2. The outlook is now stable.

The agency said the rating action concludes Moody's review for possible upgrade initiated on March 16.

Moody's said the main triggers for the upgrade were the strengthened institutional framework, which is expected to further bolster the Mauritian economy's demonstrated resilience to shocks; the increased diversification of the economy into the high-value-added service sector as well as a growing conduit for foreign investment into Africa and Asia; and the government's significant progress in reducing its debt-servicing burden and improving its debt structure by lengthening maturities.

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