Fitch rates Seychelles bond B-

Fitch Ratings said it assigned Seychelles' new $169 million discount bond a long-term foreign-currency rating of B-. The bond was issued as part of a debt exchange with Seychelles' creditors following its 2008 default on certain notes. The rating on the bond is equal to its long-term foreign-currency issuer default rating.

The outlook is positive.

Seychelles defaulted on the scheduled repayment of its €55 million promissory note in July 2008 and the coupon due on its $230 million eurobond in October 2008, Fitch said.

Negotiations with creditors has now resulted in the issue of a new discount bond that will see investors take a loss of 50% on the face value of their claims, the agency said.

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