LONDON, Nov. 2, 2007 (Thomson Financial delivered by Newstex) -- Standard & Poor’s (NYSE:MHP) Ratings Services said it downgraded the outlook on the long-term ratings on the Republic of Seychelles to negative from stable and affirmed its ‘B’ foreign currency and ‘B+’ local currency long-term sovereign credit ratings.
The ‘B’ short-term sovereign credit ratings were also affirmed.
The outlook revision reflects the possibility of a downgrade if there is a continuation of fiscal slippages arising largely from expenditure overruns, and if the public sector’s heavy debt burden continues to rise in nominal terms and as a proportion of gross domestic product, S&P said.
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Newstex ID: AFX-0013-20687065
Editor’s Notes: Mr. Chang-Leng your comments please?