Fitch Ratings downgraded the Maldives to B from B+ and revised its outlook to negative from stable, as the Covid-19 pandemic hits the island nation’s tourism industry.
The Maldives’ economy is expected to be pummelled by the Covid-19 outbreak, as the nation relies on tourism to stay afloat. The Maldives has recorded fewer than 20 cases of the virus, and nearly all were attributed to foreigners.
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