Fitch rates Seychelles B-, B

Fitch Ratings said it assigned Seychelles' long-term foreign- and local-currency issuer default ratings of B- and B, respectively, along with a country ceiling of B- and a short-term foreign-currency issuer default rating of B.

The outlook is positive.

The ratings signal its emergence in January 2010 from a default event after the successful conclusion of a debt exchange with the holders of its $230 million eurobond and €55 million promissory note, S&P said.

The outlook reflects the potential for creditworthiness to improve, given continued strong implementation of the authorities' impressive reform program, the agency said.

The rating also takes into account Seychelles' history of macroeconomic and fiscal mismanagement, narrow economic base, high debt levels, large current account deficit and low levels of foreign exchange reserves that render it susceptible to external shocks, S&P said.

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