Fitch upgrades Maldives to ‘CCC-’ after sukuk payment

Fitch Ratings upgraded Maldives' credit rating to 'CCC-' due to reduced default risk after successful sukuk settlement. The agency noted that full implementation of revenue reforms and foreign exchange regulations could boost reserves. Continued support from allies would ease short-term debt, but challenges remain: high domestic debt, low reserves, and potential tourism decline from geopolitical tensions. Finance Minister Moosa Zameer played a key role in managing the sukuk repayment. Fitch had previously downgraded Maldives to 'CC' in August 2024 and maintained that rating after a review in June 2025 before the recent upgrade.

Fitch Ratings upgraded Maldives' credit rating to 'CCC-' due to reduced default risk after successful sukuk settlement. The agency noted that full implementation of revenue reforms and foreign exchange regulations could boost reserves. Continued support from allies would ease short-term debt, but challenges remain: high domestic debt, low reserves, and potential tourism decline from geopolitical tensions. Finance Minister Moosa Zameer played a key role in managing the sukuk repayment. Fitch had previously downgraded Maldives to 'CC' in August 2024 and maintained that rating after a review in June 2025 before the recent upgrade.

Fitch Ratings upgraded Maldives' credit rating to 'CCC-' due to reduced default risk after successful sukuk settlement. The agency noted that full implementation of revenue reforms and foreign exchange regulations could boost reserves. Continued support from allies would ease short-term debt, but challenges remain: high domestic debt, low reserves, and potential tourism decline from geopolitical tensions. Finance Minister Moosa Zameer played a key role in managing the sukuk repayment. Fitch had previously downgraded Maldives to 'CC' in August 2024 and maintained that rating after a review in June 2025 before the recent upgrade.

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