The Maldivian government has approached Swiss-based Vitol Group for a $70 million loan as it struggles to secure funding following credit downgrades by Moody's Investors Service and Fitch Ratings. Vitol is reportedly considering the request, which media reports say carries a three-year repayment term and an interest rate above 11 per cent.
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.
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The Maldivian government has approached the Vitol Group, a Switzerland-based Dutch multinational energy and commodity trading company, for a $70 million loan, local media reported.
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Moody's downgraded the Maldives to Caa2, pointing to high credit risk, while Fitch lowered its rating to CC, citing fears of default.
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Earlier reports gave CAA-2 11 Sep, 19:39 Maldives Republic
An official disclosed that the loan would carry an interest rate higher than 11 per cent, alongside a significant success fee.
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