S&P: Seychelles outlook negative

Standard & Poor's said it revised its outlook on the Republic of Seychelles to negative from stable and affirmed its B foreign-currency and B+ local-currency long-term sovereign credit ratings and B short-term sovereign credit rating.

The outlook revision reflects the possibility of a downgrade if there is a continuation of fiscal slippages stemming largely from expenditure overruns and if the public sector's heavy debt burden continues to rise in nominal terms and as a proportion of GDP, the agency said. The Seychelles' fiscal imbalances and debt sustain continuing, albeit somewhat reduced, external liquidity pressures.

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