June 19, 2020 / 3:49 AM / 15 days ago

BRIEF-S&P Says Fiji Outlook Revised To Negative On Covid-19-Induced Fiscal Deterioration; 'BB-/B' Ratings Affirmed

June 18 (Reuters) -

* S&P SAYS FIJI OUTLOOK REVISED TO NEGATIVE ON COVID-19-INDUCED FISCAL DETERIORATION; ‘BB-/B’ RATINGS AFFIRMED

* S&P SAYS COVID-19 PANDEMIC WILL TRIGGER A SHARP, TEMPORARY COLLAPSE IN TAX REVENUES FOR TOURISM-DEPENDENT FIJI

* S&P-FIJI’S NEGATIVE OUTLOOK REFLECTS DOWNSIDE RISKS AROUND DURATION OF PANDEMIC, ASSOCIATED TRAVEL RESTRICTIONS, AND STRENGTH OF SUBSEQUENT RECOVERY

* S&P-EXPECT THAT RELATIVELY LARGE FISCAL DEFICITS WILL PUT UPWARD PRESSURE ON FIJI’S GOVERNMENT DEBT-TO-GDP RATIO, SET BACK PREVIOUS PLANS FOR BUDGET CONSOLIDATION

* S&P - COULD REVISE OUR OUTLOOK ON FIJI TO STABLE DURING THE NEXT 12 MONTHS IF THE RISKS OF A MORE SEVERE PANDEMIC AND RECESSION WERE TO SUBSIDE Source text : bit.ly/30WT39W

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