Mauritius, Government of - Moody's Global Credit Research

Mauritius, Government of

Mauritius, Government of - Moody's Global Credit Research
Mauritius, Government of
Published Jun 01, 2016
4 pages (2494 words) — Published Jun 01, 2016
Price US$ 750.00  |  Buy this Report Now

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...[1] Excludes re-exports [2] Sum of Exports and Imports of Goods and Services/GDP [3] Composite index with values from about -2.50 to 2.50: higher values suggest greater maturity and responsiveness of government institutions [4] Series break in 2009 [5] Current Account Receipts; Series break in 2009; Excludes re-exports [6] Series break in 2010; Includes Global Business cross-border transactions from 2010 onwards [7] Series break in 2010; Includes Global Business cross-border transactions from 2009 onwards [8] (Interest + Current-Year Repayment of Principal)/Current Account Receipts [9] (Short-Term External Debt + Currently Maturing Long-Term External Debt + Total Nonresident Deposits Over One Year)/ Official Foreign Exchange Reserves; Series break in 2009 [10] Liabilities to BIS Banks Falling Due Within One Year/Total Assets Held in BIS Banks [11] Total Foreign Currency Deposits in the Domestic Banking System/Total Deposits in the Domestic Banking System [12] Total Foreign Currency Deposits...

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Country Statistics

Mauritius, Government of
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Government of Mauritius: Budget Seeks to Reconcile Economic, Fiscal Consolidation But Implementation Risks Remain - Issuer Comment – 2016/08/05 – US$ 200.00 – ...Foreign Currency Local Currency Gov. Bond Rating Baa1/Sta Baa1/Sta Country Ceiling A2 A1 Bank Deposit Ceiling Baa1 A1 Source: Moody's...

Government of Mauritius: Financial sector is a source of growth and diversification, but also systemic risk - Sector In-Depth – 2016/06/07 – US$ 750.00 – ...As Mauritius's (Baa1 stable) financial sector has grown, it has supported economic development and generated foreign-currency earnings. Meanwhile, the authorities have managed to maintain macroeconomic stability while supporting the sector's competitiveness by fostering financial innovation, and preserving tax and non-tax competitive advantages. That said, the authorities' mandate for preserving macro stability is becoming increasingly challenging for two reasons. First, the complexity and size of the financial sector, with many balance sheet linkages among financial institutions, contribute to contagion risk. Second, the amended Double Taxation Avoidance Agreement (DTAA) with India, which is scheduled to come into effect in April 2017, will weaken the industry. Having examined the challenges and opportunities the Mauritian financial industry offers, we conclude that: + Macroeconomic stability has been the norm. Despite the small and open nature of the Mauritian economy, it is relatively...

Government of Mauritius Baa1 Stable: Annual Credit Analysis - Issuer In-Depth – 2016/05/26 – US$ 750.00 – ... supports its Baa1 rating. The economy has proven resilient to an unfavourable external environment, thanks to its successful attraction of foreign investment (in the financial sector mainly) and diversification of exports. The authorities' proactive stance in maintaining Mauritius's attractiveness, coupled with the stable political environment, has contributed to this success. In the region, the country stands out for its business friendly environment. Lastly, the ample liquidity available in the domestic capital market supports the government's capacity to access local currency denominated funding. Mauritius's large and complex financial sector constitutes its main source of systemic risk. The government has a track record of supporting systemically important banks. The financial sector has been the principal source of foreign exchange earnings in Mauritius but it is also a source of vulnerability. As such, the authorities face the challenge...

Government of Mauritius Baa1 Stable: Semi-Annual Update - Credit Opinion – 2016/05/26 – US$ 250.00 – ...+ The credit strengths underpinning Mauritius's rating include (1) a dynamic and reasonably diversified economy; (2) stable and investment-friendly business environment; (3) pragmatic and competent policy-making. + The credit challenges for Mauritius include (1) high public debt relative to peers; (2) Small size of its economy; (3) vulnerability to external shocks....

Mauritius' Tax Treaty Amendments with India Are Credit Negative - Sector Comment – 2016/05/16 – US$ 200.00 – ...From Credit Outlook On 10 May, the government of Mauritius (Baa1 stable) announced substantial amendments to the Double Tax Avoidance Agreement (DTAA) in place with India since 1983. The amended treaty removes a longstanding advantage that allowed investors to avoid paying capital gain taxes in India by channelling their investment through Mauritius. The taxation agreement is credit negative for Mauritius because its financial centre will be a less attractive platform for investing in India than it used to be. We estimate that a curtailment of new investment flows through Mauritius would cause a deterioration in the balance of payments equal to 1%-2% of GDP annually, and consequently put pressure on Mauritian foreign exchange reserves. However, a sharper shift in investor sentiment would have more dire consequences. Mauritius' financial industry is a key economic pillar and the primary source of net financial inflows from abroad. The tax changes will particularly weaken Mauritius' balance...

Government of Mauritius: Government Faces Challenges Achieving Statutory Debt Target - Issuer Comment – 2016/02/08 – US$ 200.00 – ...Statutory debt forecast assumes debt of state-owned enterprises and government cash reserves remain a constant proportion relative to 2015. Source: Statistics Mauritius, Moody's...

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