The island nation of the Maldives received a fresh blow this week after Fitch Ratings downgraded the country by three notches to CCC due to external liquidity pressure and increasing debt burden.
The sovereign’s B long-term foreign-currency issuer default rating was slashed to CCC by Fitch on Thursday.
In a ratings report, Fitch said the Maldives’ external liquidity pressures are “deeper and more prolonged” than expected, and that the coronavirus shock as well as continued debt-funded infrastructure spending.
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