20 Mar 2007

Fiji Credit Ratings downgraded

9:35 am on 20 March 2007

The credit ratings agency Standard & Poors has lowered Fiji's foreign currency rating from B-plus to B.

S&P associate director Kyran Curry says it has also lowered the local credit rating.

Mr Curry says the decision reflects the increasing external pressures coupled with a pattern of large current account deficits, despite the Fiji Reserve Bank's capital controls.