The Ministry of Finance and Public Enterprises said a future credit rating downgrade for the Maldives is highly unlikely, citing revenue-side reforms and resilient growth. Fitch Ratings upgraded the country's long-term foreign-currency issuer default rating to 'CCC-' from 'CC'.
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In this assessment, the agency highlights that a future downgrade would only be triggered if constraints emerge in servicing debt, or if the government encounters difficulties in settling its sovereign obligations
However, at this current juncture, we view the likelihood of such a scenario materialising in the short term as highly improbable. This confidence is directly driven by the notable increase in state revenues.
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This stability prompted Fitch Ratings to upgrade the country's long-term foreign-currency issuer default rating to ‘CCC-‘ from ‘CC’.
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