Economics

Fitch Downgrades Maldives Credit Rating to ‘CC’ Amid Falling Reserves and Rising Debt

  • September 2, 2024

Fitch Ratings has downgraded the Maldives’ credit rating from CCC+ to CC, citing a decline in foreign reserves and the upcoming repayment of foreign debt and sukuk bonds starting next year. As of July, the country’s gross foreign reserves had fallen to 395 million USD, down from 492 million USD earlier. Domestic reports highlight growing

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Industry Analysis

Fitch Affirms ‘A-(lka)’ Rating for National Development Bank with Stable Outlook

  • July 25, 2024

Fitch Ratings has reaffirmed the ‘A-(lka)’ National Long-Term Rating for Sri Lanka’s National Development Bank Plc (NDB), maintaining a Stable outlook. This decision reflects recent improvements in the operating environment, as indicated by macroeconomic indicators. Fitch anticipates that Sri Lanka’s stabilizing economic conditions will support NDB’s ability to grow and maintain business volumes. However, the

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