The international credit rating agency Fitch Ratings has upgraded Seychelles’ Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘BB-’ to ‘BB’, with a Stable Outlook.
Secretary of State in the Ministry of Finance, National Planning and Trade, Mr. Patrick Payet, described the upgrade as a reflection of international confidence in Seychelles’ macroeconomic management, sound fiscal policies, and economic resilience.
He noted that this is the highest rating Seychelles has received in recent years, the last time being in June 2019.
“This upgrade recognises the good economic policies and resilience of our nation. It also strengthens Seychelles’ credibility, especially in terms of attracting investments to support sustainable development. The upgrade improves the country’s profile among investors and development partners, in particular by boosting access to affordable financing,” SS Payet said.
He reaffirmed the government’s commitment to fiscal discipline, economic diversification, and strengthening resilience against global shocks, describing the achievement as a testament to a collective effort.
The Central Bank of Seychelles (CBS) has been a key partner in this achievement. Second Deputy Governor, Mr. Mike Tirant, welcomed the upgrade and briefed the media on relevant indicators such as inflation, the foreign exchange market, international reserves, and private sector credit.
“The Central Bank of Seychelles is mindful of risks stemming from global uncertainties, and we will adjust our monetary policies accordingly,” he said.
Principal Secretary for Finance, Ms. Astride Tamatave, highlighted the fiscal measures underpinning the positive revision.
“For the first six months of the year, our overall budget surplus stood at 0.8% of GDP, an improvement compared to the same period last year. The Primary Surplus projection for year-end is 2.8%. The country’s debt servicing is also on a positive downward trend,” she explained.
Fitch Ratings cited the over performance of the tourism sector in 2025 as the main driver behind the upgrade, a trend expected to continue through the end of the year.
SS Payet urged continued collaboration among all stakeholders to push Seychelles’ rating even higher:
“We must ensure that all our fiscal and monetary policies remain aligned so that Seychelles can progress towards a further upgrade to ‘BB+’.”
He also expressed his appreciation to all partners who contributed to this milestone achievement.