Maldives' bonds fell to record highs after Fitch downgraded the country's credit rating for the second time since June. Fitch downgraded the Maldives to CC amid mounting liquidity pressures, deteriorating financial conditions in the Maldives, and it is nearing bankruptcy.
Its foreign reserves fell by nearly half in a year to $388 million in July. This comes amid growing investor concerns about fiscal deficits and future financing needs. The Ministry of Finance in the Maldives has pledged a commitment to reduce risk by strengthening fiscal discipline.
Source (Al-Arabiya.net Website, Edited)
