Moody's downgraded the Maldives' credit rating to CAA-2 and placed it under review for a potential further downgrade, citing high credit risk, dwindling dollar reserves, rising debt and default fears. Fitch recently lowered the country's rating to CC, and analysts warned that the downgrades could raise borrowing costs and reduce foreign investment.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
The decision to place the ratings under review is driven by our view that Maldives’ fragile external liquidity position will likely worsen further without near term financing. The rating review will focus on assessing whether the sovereign…
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The downgrade mirrors actions taken by Fitch, which recently lowered the Maldives’ rating to CC, also reflecting concerns over a potential default.
Word for word from the report in Maldives Republic. Open the report
