Fitch affirms Maldives at B+

Fitch Ratings said it affirmed the Maldives' long-term foreign-currency issuer default rating at B+ with a stable outlook.

Fitch said the B+ rating balances the Maldives' strong GDP growth, high government revenue generated by a prosperous tourism sector and favorable structural indicators, such as per capita GDP, against a high government debt burden and low foreign-reserve buffers.

The country's high dependence on the tourism sector leaves the country vulnerable to domestic and external shocks that could undermine prospects for the industry, including from changes in perceptions of safety, the agency explained.

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