[Parliament] Standard & Poor's: The Prime Minister Clarifies Matters

During the PMQT in Parliament on Tuesday, March 24, Prime Minister Navin Ramgoolam revealed that in February 2023, the former Minister of Finance requested the Bank of Mauritius to ask the credit rating agency Standard & Poor's (S&P) to conduct a second evaluation of Mauritius' sovereign rating. He noted that the matter was handled by "the very special advisor at the level of the Bank of Mauritius". Furthermore, he stated that the Ministry of Finance does not have any official documents regarding such a request.

The Prime Minister explained that the contract with S&P was not renewed in March 2026, as the government does not plan to tap into the international debt market in the immediate future, a process that requires two distinct sovereign ratings. Navin Ramgoolam reminded that the last evaluation by S&P, published on October 27, 2025, assigned Mauritius a rating of BBB- with a stable outlook, which is the lowest level of the so-called investment category. "Some people are trying to say it’s a pre-emptive strike to avoid scrutiny, contrary to the false narrative that is being peddled; it is not at all the case," stated the Prime Minister.