Maldives’ rating downgraded as recession looms

Deckchairs beach Fotolia 230x150
By Morgan Davis
31 Mar 2020

Fitch Ratings has 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.

Tourism directly accounts for a fourth of the ...

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