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Ratings On Fiji Affirmed At 'B/B' On Continued Stabilization Of External Position; Outlook Remains Stable

05 апреля 2013 | Standard & Poor's

Standard & Poor's Ratings
Services said today that it had affirmed its foreign and local currency issuer
credit ratings on the Republic of Fiji at 'B/B'. The outlook remains stable.

The affirmation reflects our view that Fiji has continued to stabilize its
external position, including its level of foreign exchange reserves. However,
the country's persistent fiscal and current account deficits, weak economic
growth and institutional settings, as well as deficiencies in available data
partly offset the improvement.

"Political uncertainty, weak investment, and low productivity further reduce
Fiji's growth prospects. While the economy improved in the past two years
after a very weak performance, we expect growth to remain low without further
progress in structural reforms," Standard & Poor's credit analyst Kim Eng Tan
said. "Fiji's credit quality remains vulnerable to external shocks associated
with the durability of the global economic recovery, adverse weather
conditions, and changes in tourism preferences. These factors underscore the
downside bias in Fiji's growth outlook. We also believe that Fiji's debt
burden and contingent liabilities are high for a country faced with these
vulnerabilities."

The stable outlook reflects our expectation that Fiji's external position will
continue to improve, including in the level of foreign exchange reserves,
supported by a continuing recovery in agricultural exports and the tourism
sector.

Standard & Poor's may raise the ratings if improvements occur in one of
several areas, including: Fiji's growth prospects through greater political
certainty and structural reforms; further liberalization in capital and price
controls and in exchange rate management; improved external indicators; or a
falling government debt trajectory. On the other hand, the ratings could be
lowered if political pressures intensify or if public finances and external
imbalances worsen, leading to sharply lower reserves.

Организация: Фиджи

Полное название организацииРеспублика Островов Фиджи
Страна рискаФиджи
Страна регистрацииФиджи

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