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MEDIA RELEASE: Standard & Poor’s reaffirms the “investment grade” status of Mauritius and Moody’s upgrades the sovereign Scorecard-indicated outcome to Baa1-Baa3

28 July 2023


The Bank of Mauritius (Bank) welcomes the decision taken by Standard & Poor’s on the 21st of July 2023 to confirm the “Investment grade” status of Mauritius and the release of a Credit Opinion by Moody’s on 25th July 2023 reviewing upwards the Scorecard-indicated outcome of Mauritius to Baa1-Baa3.

On one hand, by allocating a BBB-/A-3 Outlook Stable rating to Mauritius, Standard and Poor’s strengthens the country’s position as the only International Financial Centre with an investment grade rating across Africa. In effect, Standard and Poor’s highlights that “Mauritius has over the past couple of decades also positioned itself as a global financial center, which is now significantly larger than that of peers in the region and approaching the size of more advanced global financial centers”. The rating agency equally states that it expects Mauritius will continue to attract GBC inflows, supported by its quite rapid exit from the FATF list.

The Bank notes that Standard & Poor’s has underlined in its official communiqué that “Mauritius is among the wealthiest countries in Africa, with an estimated $11,400 GDP per capita in 2023” and that the country’s “real GDP per capita trend growth is well above that of sovereigns in the same GDP per capita category.”

On the other hand, in view of the robust growth registered by Mauritius in 2022 and the significant progress made by the Mauritian authorities on the front of fiscal consolidation, Moody’s has revised upwards the country’s Fiscal strength to Baa3 as well as the Government financial strength to Baa1.

Overall, these positive changes have resulted in the substantial upgrade by Moody’s of Mauritius’ Scorecard-indicated outcome from Baa3-Ba2 in May 2023 to currently Baa1-Baa3.

The Bank reiterates its commitment to serve the best interests of the country and the Mauritian population. The Bank will therefore pursue its strategy to put in place policy measures conducive to macroeconomic and financial stability that drives the country’s economic growth and its resilience to external shocks. In this respect, the Bank will continue to work closely with the stakeholders through its Committee on International Developments.