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Announcement:

Moody's: Mauritius's diversified and resilient economy support rating; fiscal challenges remain

29 May 2015

London, 29 May 2015 -- Mauritius's small yet diversified economy, good record of attracting investment and its resilience against external shocks underpin its Baa1 (Stable) government bond rating, Moody's Investors Service said in its latest credit analysis of the country published this week.

The report is now available on www.moodys.com. Moody's subscribers can access this report via the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.

The Mauritian authorities' key challenges are to continue to foster domestic and foreign investment, maintaining the country's financial stability and consolidating the public finances to help meet its government debt reduction commitments.

"While Mauritius has a small and open economy that is susceptible to external shocks, it also has an impressive record of resiliency," said Lucie Villa, Assistant Vice President and co-author of the report. "The country's relative wealth and diversification and the authorities proactive policies all support the economy."

Moody's believes Mauritius's economic outlook is healthy and forecasts real growth of 3.6% in both 2015 and 2016, in line with historical averages.

Mauritius stands out in the region for its ease of doing business, its low taxes, and the importance given to the private sector's views when the government shapes economic policy. Ample liquidity available in the domestic capital market supports the government's capacity to access local currency denominated funding.

A substantial deterioration of government debt metrics or increased external vulnerabilities would exert downward pressure on the rating. Conversely, a significant and permanent reduction in Mauritius's vulnerability to external volatility and shocks would exert positive pressure.

The government is committed to lower its debt to 50% of GDP by 2018. However, the medium-term fiscal path presented in the last budget relies on back-loaded fiscal deficit reduction based on tight current spending control and the pick-up of growth. This underlines the risks of the government potentially missing its targets. General government debt is high compared to peers.

The authorities also faces a challenge in finding ways to protect the public finances from any spillover effects from country's financial sector, which includes a relatively small banking system. The problems recently uncovered in the Bramer Corporation Limited (unrated) highlight the challenges facing the supervisory authorities.

Moody's expects monetary policy to remain in-line with the central bank's objectives of price stability and balanced economic development. Mauritius enjoys a stable political environment with well-established institutions and a tradition of coalition politics.

Subscribers can access this report via this link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181350

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Lucie Villa
Asst Vice President - Analyst
Sovereign Risk Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Yves Lemay
MD-Banking & Sovereign
Sovereign Risk Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
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JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's: Mauritius's diversified and resilient economy support rating; fiscal challenges remain
No Related Data.
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