Malé, (UNI) Fitch Ratings, a prominent credit rating agency globally, has downgraded the Maldives’ long-term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’, drawing attention to the potential for the island nation to become deeply indebted, the island nation’s media reported on Thursday.
Fitch publicised a report on Wednesday, revealing that Maldives long-term IDR has been downgraded from ‘B-‘ to ‘CCC+’.
Despite the Maldives’ rating of ‘B-‘ during the previous two years, Fitch emphasised that it normally does not give outlooks to sovereigns rated ‘CCC+’ or lower.
According to the report, this is a reflection of the island nation’s growing vulnerability to negative external funding and liquidity indicators.
Fitch rating is approved world-wide as a provider of information for investors and lenders regarding the extent of risks of investing in a destination.
