Fitch raises Seychelles, bonds

Fitch Ratings said it upgraded Seychelles' long-term foreign and local currency issuer default ratings to BB- from B+ and BB from BB-, respectively.

The outlooks are stable.

The issue rating on Seychelles' unsecured foreign currency bond was also upgraded to BB- from B+.

The country ceiling was raised to BB from B+ and the short-term foreign currency issuer default rating affirmed at B.

Five years have passed since Seychelles was cured of default on its external debt in 2010. According to the agency, the authorities have achieved impressive outcomes in the country's IMF Extended Fund Facility programs since 2010, in particular consistently over-performing on its primary budget surplus targets. Timely implementation and strong willingness to execute on the structural reforms of the programs have resulted in more robust and coherent fiscal and monetary policy frameworks.

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