Fitch Downgrades Maldives’ Rating From B- to CCC+ Citing Worsening External Financing
Fitch Ratings downgraded Maldives' long-term foreign-currency IDR to CCC+ from B- due to worsening external financing and liquidity. Foreign reserves fell to $492M in May 2024 from $748M in 2023. Total external debt servicing will rise to $557M in 2025 and over $1B in 2026, including a $500M sukuk. Fiscal deficit projected at 12.7% of GDP in 2024 and 11% in 2025. The SDF holds $54.4M as of June 2024.
Fitch Ratings downgraded Maldives' long-term foreign-currency IDR to CCC+ from B- due to worsening external financing and liquidity. Foreign reserves fell to $492M in May 2024 from $748M in 2023. Total external debt servicing will rise to $557M in 2025 and over $1B in 2026, including a $500M sukuk. Fiscal deficit projected at 12.7% of GDP in 2024 and 11% in 2025. The SDF holds $54.4M as of June 2024.
Low Confidence
Score: 0.50
Fitch Ratings downgraded Maldives' long-term foreign-currency IDR to CCC+ from B- due to worsening external financing and liquidity. Foreign reserves fell to $492M in May 2024 from $748M in 2023. Total external debt servicing will rise to $557M in 2025 and over $1B in 2026, including a $500M sukuk. Fiscal deficit projected at 12.7% of GDP in 2024 and 11% in 2025. The SDF holds $54.4M as of June 2024.
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