Minister of Economic Development, Transport and Trade Mohamed Saeed has said that the upgrade of the Maldives’ credit rating by Fitch Ratings reflects strong and responsible leadership by President Dr Mohamed Muizzu.

In a post on X, following Fitch’s decision to raise the Maldives’ rating from CC to CCC-, the minister said the move demonstrates renewed confidence in the country’s economic direction.

Minister Saeed stated that the upgrade reflects the positive impact of decisive leadership during a challenging economic period, and added that the President has shown firm commitment in implementing fiscal reforms, strengthening macroeconomic stability, and restoring investor confidence. He also said the rating improvement acknowledges the government’s efforts to enhance economic governance and promote long-term sustainable growth.

The minister congratulated President Dr Muizzu on what he described as a significant achievement, also praising his handling of financial challenges inherited by the administration. Minister Saeed further noted that among those challenges was the high level of debt accumulated by the previous administration.

Fitch said the Maldives has strengthened its external position through increased reserve accumulation and foreign exchange reforms. Official reserves reportedly exceeded USD 1.3 billion by the end of March, while the Sovereign Development Fund held more than USD 400 million in foreign currency assets by early April.

The agency also noted that the government repaid a Sukuk without taking on new external borrowing, as well as servicing obligations linked to a USD 400 million currency swap with the Reserve Bank of India and repaying USD 50 million from a bond issued to the State Bank of India.