Fitch upgrades the Maldives

Fitch Ratings said it upgraded the Maldives' long-term foreign-currency issuer default rating to B- from CCC.

“The upgrade of the Maldives' IDRs reflects a stronger recovery for the tourism sector than we previously expected, and an improved, though still challenging refinancing outlook for the sovereign's external debt over the next few years,” Fitch said in a press release.

The agency noted tourist arrivals rebounded to about 70% of pre-pandemic levels, and the number of bed nights has recovered even faster, with tourists on average tending to stay around three days longer than in the past.

The outlook is stable.

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