Moody's downgrades Maldives from 'B2' to 'B3', outlook negative

Moody’s Investment Service (Moody’s), one of the world's top credit rating agencies, downgraded Maldives' long-term foreign and local currency issuer, and the foreign-currency senior unsecured ratings to 'B3' from ‘B2’, maintaining the negative outlook.

As revealed by Moody’s, the drivers behind the downgrade include the ongoing repercussions to the tourism sector, as a result of the ongoing COVID-19 pandemic which significantly impaired the country's economic activity and raised government liquidity risks, further exacerbating weak fiscal and external positions.