A digest of news and opinion from the Maldives.
Recently, Maldives’ long-term foreign-currency Issuer Default Rating (IDR) was downgraded by Fitch Ratings from ‘B’ to ‘CCC’. This downgrade comes after a previous downgrade in March, from an IDR of ‘B+’ to ‘B’. The downgrade caused disagreement from the Ministry of Finance, and also sparked a heated debate between Members of Parliament on Twitter. Fitch […]
In a tweet yesterday, Member of Parliament for Maradhoo Constituency of Addu City, Ibrahim Shareef claimed that the Fitch rating of Maldives dropped due to a recent decree passed by the Parliament. On 5th November, Fitch Ratings Inc., an American credit rating agency, downgraded Maldives’ long-term foreign-currency Issuer Default Rating (IDR) from ‘B’ to ‘CCC’. […]
Fitch Ratings Inc., an American credit rating agency, has now downgraded Maldives’ long-term foreign-currency Issuer Default Rating (IDR) from ‘B’ to ‘CCC’. According to Fitch, “the downgrade of the Maldives’ IDRs to ‘CCC’ reflects Fitch’s expectation of deeper and more prolonged external liquidity pressures than previously forecast, and a sharp increase in the country’s debt […]