Fitch: Seychelles view positive

Fitch Ratings said it has affirmed Seychelles' long-term foreign currency issuer default rating at B and long-term local currency issuer default rating at B+.

The outlooks are positive.

The issue rating on Seychelles' unsecured foreign currency bond has also been affirmed at B, Fitch said, noting that it has also affirmed Seychelles' short-term foreign currency issuer default rating at B and country ceiling at B.

Seychelles' B issuer default rating and positive outlook reflect that strong budget discipline has been enforced since the start of the IMF-supported program at end-2008, Fitch said. The primary budget surplus has averaged 8% of GDP since 2009 due to substantial reforms including a marked cut in public sector employment, tighter control of expenditure and reform in public companies.

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