Fitch shifts Seychelles view to positive

Fitch Ratings said it revised the outlook on Seychelles to positive from stable and affirmed the B+ foreign-currency issuer rating and its and senior unsecured notes due 2026 at B+.

“Seychelles' budgetary metrics in 2021 met or exceeded the targets set by the IMF in its last Extended Fund Facility (EFF) review, with the primary deficit outturn of 3.1% of GDP overperforming the target by 3.3pp (and declining by 12.4pp yoy). Stronger than expected economic growth, high inflation and under-execution of capital expenditures all contributed to the improvement, as did improved revenue collection efforts,” Fitch noted in a press release.

Public debt/GDP declined to 74.9% of GDP in 2021, compared to the agency’s estimates of 77.3%, owing to strong nominal GDP growth, and lower borrowing requirements due to strong budgetary performance, the agency said.

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