Fitch Ratings downgrades Maldives from 'B' to 'CCC'

Fitch Ratings, one of the world's top credit rating agencies, downgraded the Maldives' long-term foreign and local currency issuer default ratings (IDRs) from 'B' to 'CCC'.

According to the Hong Kong-based agency, the downgrade reflected projections that Maldives would face more severe and prolonged external liquidity pressures than initially forecasted, as well as the spike in debt burden due to the COVID-19 pandemic and continued debt-funded infrastructure projects.