Future credit rating downgrade highly unlikely for Maldives, finance ministry says

The Ministry of Finance and Public Enterprises stated that a future credit rating downgrade is highly unlikely due to positive economic trajectory and revenue reforms. Fitch Ratings upgraded Maldives' long-term foreign-currency issuer default rating to 'CCC-' from 'CC'. Deputy Minister Ahmed Saaid Musthafa attributed the upgrade to revenue-side reforms and strict implementation of foreign currency regulations. Fitch highlights low default risk due to elevated revenues and expenditure controls. A future downgrade would only occur if constraints emerge in debt servicing or sovereign obligations, but such a scenario is seen as unlikely in the short term.

The Ministry of Finance and Public Enterprises stated that a future credit rating downgrade is highly unlikely due to positive economic trajectory and revenue reforms. Fitch Ratings upgraded Maldives' long-term foreign-currency issuer default rating to 'CCC-' from 'CC'. Deputy Minister Ahmed Saaid Musthafa attributed the upgrade to revenue-side reforms and strict implementation of foreign currency regulations. Fitch highlights low default risk due to elevated revenues and expenditure controls. A future downgrade would only occur if constraints emerge in debt servicing or sovereign obligations, but such a scenario is seen as unlikely in the short term.

The Ministry of Finance and Public Enterprises stated that a future credit rating downgrade is highly unlikely due to positive economic trajectory and revenue reforms. Fitch Ratings upgraded Maldives' long-term foreign-currency issuer default rating to 'CCC-' from 'CC'. Deputy Minister Ahmed Saaid Musthafa attributed the upgrade to revenue-side reforms and strict implementation of foreign currency regulations. Fitch highlights low default risk due to elevated revenues and expenditure controls. A future downgrade would only occur if constraints emerge in debt servicing or sovereign obligations, but such a scenario is seen as unlikely in the short term.

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