Fitch downgrades Maldives' credit rating to CC

Fitch Ratings has lowered Maldives' credit rating from the previous CCC+ standing to a CC rating, citing a heightened risk of default.

In a statement issued by the global credit rating agency, Maldives' Long-Term Foreign-Currency Issuer Default Rating (IDR) has been downgraded to CC. The agency noted that it typically does not assign outlooks to countries with a rating of CCC+ or below.