S&P gives Seychelles bond B

Standard & Poor's said it assigned its B credit rating to the Seychelles' (foreign currency B/stable/B, local currency B+/stable/B) $200 million, 9.125% maiden global bond issue, maturing in 2011.

"The ratings on the Seychelles are supported by a turnaround in the country's fiscal management, which has seen robust surpluses delivered in recent years in conjunction with a strong commitment by the administration to maintain this trend in the future," S&P credit analyst Agost Benard of the sovereigns ratings group said.

"The ratings are also underpinned by social and political stability combined with high levels of human development, which include per capita income, health, education and literacy standards."

According to the agency, the main constraining factor for the ratings on the Seychelles is its high public sector debt level and the associated impairment of fiscal and external flexibility.

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