Why the rating is what it is
Sovereign credit ratings are opinions from private agencies: commercial judgment, not official Maldivian government data, but they're not arbitrary either. This puts today's ratings next to the actual indicators most commonly cited to justify them.
Current ratings
| Agency | Rating | Outlook | Action | Date |
|---|---|---|---|---|
| Fitch Ratings | CCC- | — | Upgraded from CC | 2026-06-03 |
| Moody's Ratings | Caa2 | Stable | Affirmed; outlook revised from negative | 2025-11 |
Source: manually-maintained record of published rating actions. See the Debt & reserves page for each agency's full note and source link.
The numbers behind it
| Metric | Value | Year | Why it matters |
|---|---|---|---|
| Public debt, % of GDP | 145.1% MVR 154.99 bn |
2025 | Higher = more of the economy owed as debt |
| Deficit, % of GDP | -17.5% MVR -18.67 bn |
2025 | Negative = spending more than it collects |
| Interest, % of revenue | 13.8% MVR 5.56 bn |
2026 | Share of revenue consumed just servicing past debt |
| External debt service, % of exports | 5.5% USD 342 m paid (debt service, not the debt stock) |
2025 | IMF-style metric for external repayment strain |
Each metric uses the most recent year actually published for it, so they don't all line up to the same year. See Budget in context and Debt outlook for the full multi-year series behind each one.