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Moody’s Further Upgrades Mauritius’ Rating By 3 Percentage Points

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In the wake of S&P’s inaugural rating of Mauritius, confirming its investment grade status, Moody’s on 25 July also published a Credit Opinion further upgrading Mauritius’ rating in 3 respects.

Firstly, Moody’s upgraded the ‘Fiscal strength’ factor from Ba2 in May 2023 to Baa3 today. This significant improvement demonstrates the concrete and positive results of the Government’s economic recovery and fiscal consolidation strategy.

Public debt has fallen from 92% in June 2021 to 79% in June 2023, already below the fiscal anchor set by the IMF. Moody’s points out that “after a significant rise during the coronavirus pandemic, the government debt-to-GDP ratio has declined, aided by a post-pandemic recovery”,

Secondly, the Government financial strength rating has also improved. Moody’s now rates Mauritius at Baa1, compared with Baa2 in May 2023.

Last but not least, the Scorecard-indicated outcome, which takes into account all sovereign rating factors, has been significantly revised upwards, from Baa3-Ba2 in May 2023 to the much higher range of Baa1-Baa3, in line with Moody’s publication dated 25 July 2025.

All these factors support both the Government’s socio-economic strategy and its full commitment to accelerating the robust, inclusive and sustainable development of Mauritius.

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