Fitch Ratings raised the Maldives' credit rating from CC to CCC-, and Minister of Economic Development, Transport and Trade Mohamed Saeed said the upgrade reflects strong leadership by President Dr Mohamed Muizzu. Fitch cited stronger external reserves, foreign exchange reforms, and debt repayments without new external borrowing.
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Official reserves reportedly exceeded USD 1.3 billion by the end of March, while the Sovereign Development Fund held more than USD 400 million in foreign currency assets by early April.
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Earlier reports gave USD 1.1 billion 18 Feb, 12:31 The Standard
the Sovereign Development Fund held more than USD 400 million in foreign currency assets by early April
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servicing obligations linked to a USD 400 million currency swap with the Reserve Bank of India and repaying USD 50 million from a bond issued to the State Bank of India
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Earlier reports gave USD 400 million 14 Sep, 18:04 The Standard
repaying USD 50 million from a bond issued to the State Bank of India
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following Fitch's decision to raise the Maldives' rating from CC to CCC-, the minister said the move demonstrates renewed confidence in the country's economic direction.
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