FITCH Ratings upgrade Seychelles to BB
June 25, 2019
Fitch Ratings upgraded on Friday 21 June 2019 Seychelles sovereign credit rating to ‘BB’ and assigned a stable outlook, citing as main driver behind the revision a strong track record of programme implementation under the IMF Policy Coordination Instrument (PCI), signed in December 2017, and previous Extended Fund Facilities since 2010 when Seychelles was cured of default on its external debt.
In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Seychelles thus having a big impact on the country's borrowing costs.