Downgrade of France: No Impact for Mauritius

8 years, 5 months ago - November 22, 2012
The downgrade of France by Moody's, November 19, will have no impact Mauritius or even in France believe observers.

Firstly, the Stock Exchange of Mauritius (SEM), like that of Paris, seems to ignore the news. Indeed, it is at the CAC 40 stock market index in Paris, or the indexes SEM, no reaction was observed. Regarding the Paris Stock Exchange, the market expected the degradation of AAA to Aa1. Note that Aa1 is the second best.

"When Standard and Poor's downgraded France in January, the interest rate that the country has borrowed surprisingly decreased instead of increasing as everyone expected. Degradation by Moody's will probably not impact as markets follow the notes but also opportunities. I recall that the French economy is one of the largest in Europe. Fundamentals are not as catastrophic as this.

However, expect some time to see if there will be an impact on interest rates of loans from France, but I do not think there will be consequences in Mauritius, "says economist Renganaden Padayachy.

If there is no impact on the Paris Stock Exchange, it will be identical to the SEM. This is especially true as one observer of the Stock Exchange of Mauritius, the latter is less focused on what happens abroad. Indeed, markets are more influenced by country fundamentals.

One of the other sectors depends heavily on the French economy is tourism. In this market, the concern is more palpable. For Ajay Jhurry, president of the Association of Tourist Operators (ATO), all French customers and all Mauritian tourism professionals are not affected the same way by each economic crisis.

"We will come out by increasing our competitiveness. We must pay attention to the reputation of the destination by further increasing the quality of our services. We must maintain the confidence of such high-end customers in maintaining the quality of services and prices, "says Ajay Jhurry.

 

Text by Patrice Donzelot, Defi Media

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