Ratings Downgrade Shows Government Incompetence: MDP

Fitch Ratings downgraded Maldives' credit rating from CCC+ to CC, the second downgrade in three months. Opposition MDP blamed the administration's incompetence in fiscal management. MDP cited rising public expenditure, delayed reforms, declining reserves, and inability to raise foreign funds. MDP also criticized spending on military drones and repaying a US$50 million treasury bill to India. Fitch noted that reserves shortage will persist and external assistance is not guaranteed.

Fitch Ratings downgraded Maldives' credit rating from CCC+ to CC, the second downgrade in three months. Opposition MDP blamed the administration's incompetence in fiscal management. MDP cited rising public expenditure, delayed reforms, declining reserves, and inability to raise foreign funds. MDP also criticized spending on military drones and repaying a US$50 million treasury bill to India. Fitch noted that reserves shortage will persist and external assistance is not guaranteed.

Fitch Ratings downgraded Maldives' credit rating from CCC+ to CC, the second downgrade in three months. Opposition MDP blamed the administration's incompetence in fiscal management. MDP cited rising public expenditure, delayed reforms, declining reserves, and inability to raise foreign funds. MDP also criticized spending on military drones and repaying a US$50 million treasury bill to India. Fitch noted that reserves shortage will persist and external assistance is not guaranteed.

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