Fitch upgrades Seychelles to B+

November 22, 2021

Fitch has upgraded Seychelles' Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B+' from 'B', with a Stable Outlook.

In a press release issued on Fri 19 Nov, 2021, the rating firm has attributed the upgrade to the strong rebound in tourism arrivals, strong vaccination rollout, ‘relatively limited restrictions on tourists’ and the emergence of new tourist markets.

Fitch said it ‘expects real GDP growth to reach 6.0% in 2021, peak at 6.8% in 2022 and moderate to 4.8% in 2023 (current 'B' median: 4.1%),’ whereas investment is set to pick up in 2022-23, as hotel construction/expansion projects that were paused in 2020 and part of 2021 resume.’

For more on the press release, click on the link below.

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