Moody’s note l’économie Mauricienne comme étant stable dans la catégorie Investissement avec un score Baa1

Moody’s, une des grandes agences de notation financière, note l’économie Mauricienne comme étant stable dans la catégorie Investissement avec un score Baa1. Cette catégorie est supérieure à la catégorie Spéculative.
Cela démontre que l’effort du Gouvernement apporte des résultats malgré la volatilité du marché international.
Moody’s note
– Une croissance et une résilience économique
– La très bonne performance des secteurs du tourisme, de la finance et des TIC
– La baisse de la dette
– Le combat contre l’évasion fiscale
– La baisse du chômage




Madam Speaker,

  1. With your permission, I have the following statement to make. On Tuesday 27 March last, the rating agency, Moody’s Investors Service (Moody’s) issued a communique in which it has affirmed the Government of Mauritius’s Baa1 long-term issuer and senior unsecured ratings and maintained the stable outlook.
  2. The affirmation of the Baa1 ratings is supported by two main factors:
  • First, strong economic growth and good macroeconomic resiliency to shocks; and
  • Second, that expectations for government debt to stabilize.
  1. According to Moody’s, growth will continue to be supported by strong performance in the tourism sector, continued growth in financial services, and further expansion of Information and Communication Technology.

Madam Speaker

  1. Moody’s also expects a recovery in private investment and that the Government’s Public Investment Program envisions public investment supporting urban development and the improvement of transportation networks, which includes the expansion of the Port Louis Harbour and the Road Decongestion Program. This will give additional support to growth.
  2. Moody’s also sees Government’s proactive economic policies to address challenges to important sectors of the economy as a key element of the Mauritian economy’s success. As an example, mention is made of the Global Business Companies (GBC) sector which is in the process of adjusting to international efforts against tax avoidance. According to Moody’s, with heightened global and bilateral scrutiny on tax evasion and financial transparency, Government has had to adjust the regulatory framework, including amending the country’s existing Double Taxation Avoidance Agreement with India. This has not brought any negative pressures on the balance of payments or the GBC sector. Instead, Moody’s believes that Government has been proactive in supporting the industry’s ability to adapt to heightened global and bilateral scrutiny on tax evasion and financial transparency by adjusting the regulatory framework accordingly.


  1. Moody’s also expects Government debt to decline to around 55% of GDP in 2018 and expected to stabilise.
  2. Under the rating agency’s baseline scenario, the fiscal deficit will remain at around 3% of GDP and that will be sufficient for government debt to remain broadly stable over the next few years.

Madam Speaker

  1. According to Moody’s, risks associated with the level of government debt are mitigated by several factors:

(i) first, exchange rate risk due to the small share of foreign currency-denominated debt, accounting for less than 20% of total debt and composed entirely of official sector debt;

(ii) second, 95% of domestic debt has a fixed interest rate;

(iii) third, the average time to maturity of domestic debt has increased to 5 years as of June 2017, from 3.3 years as of June 2012; and

(iv) lastly, the average time for re-fixing of total government debt, a measure of interest rate risk, has steadily increased and reached 4.0 years as of June 2017.

  1. Finally, the stable outlook reflects Moody’s expectation that economic policies will gradually address ongoing challenges, including those related to global efforts against tax avoidance, and that government debt will remain broadly stable. Moody’s is of the view that the strength of the country’s institutional framework supports the government’s capacity to carry an elevated debt burden.

Thank You.


  1. K. J 03 April 2018


Posted by on Apr 5 2018. Filed under Economie, En Direct, Featured. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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