Fitch revises Maldives' view to negative

Fitch Ratings said it revised the Maldives' outlook to negative from stable, while affirming its long-term foreign-currency issuer default rating at B-.

“The outlook revision reflects our assessment that tightening global financial conditions are intensifying the Maldives' external liquidity strains, even though tourism has made a remarkable recovery to pre-pandemic levels,” Fitch said in a news release.

“A sharp decline in foreign-exchange buffers, if sustained, could complicate the government's external debt-servicing and maintenance of the currency peg to the U.S. dollar.”

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