S&P gives Fiji BB-/BB sovereign ratings

Standard & Poor's said it assigned its BB- foreign currency and BB local currency long-term sovereign credit ratings to the Republic of Fiji Islands.

The agency added that a B short-term sovereign credit rating was also assigned.

The outlooks on the long-term ratings are stable.

S&P noted that the ratings reflect the country's narrowly based economy, with growth prospects mainly dependent on tourism, and persistent fiscal and current account deficits.

The defined contribution National Provident Fund covers most of the government's borrowing requirements, partially mitigating government financing risk, according to the agency.

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