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Bond Market News
Seychelles Upgraded to BB by Fitch
September 8, 2025
Seychelles was upgraded by a notch to BB from BB- by Fitch. The upgrade comes on the back of the country’s strong macro policy framework, with enhanced buffers including a floating exchange rate, growing reserves, low fiscal deficits, and proven ability to mobilize multilateral support. The government recorded a budget surplus of 0.8% of GDP in 1H2025, supported by strong tourism revenues, under-executed spending, and higher capex. Fitch projects Seychelles’ debt-to-GDP declining to 57.5% at end-2025 from 60.1% last year, with the ratio remaining relatively stable over 2026-27. Additionally, reserves are set to strengthen to about four months of external payments by end-2025, aided by tourism, multilateral inflows, and climate-related funding.
Its 8% 2026s traded broadly stable at 99.87, yielding 8.3%
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