Bank of Maldives (BML) has been assigned a Long-Term Issuer Default Rating (IDR) of 'CCC-' with a Stable Outlook by Fitch Ratings. The rating agency also assigned the Bank a Local Currency Long-Term IDR of 'CCC+'.

In its assessment, Fitch cited BML's position as the largest bank in the Maldives, noting its nationwide network, digital banking services and presence across the retail, business and corporate banking segments.

The rating agency also identified the Bank's capital position as a key factor supporting the rating. Fitch said BML has maintained capital buffers through internal capital generation, risk management measures and its dividend policy.

Fitch noted that banks in the Maldives continue to operate in a challenging environment due to ongoing foreign currency shortages, which it said place pressure on funding and liquidity conditions within the banking sector.

Despite these challenges, Fitch stated that BML's deposit base and liquidity management have supported its financial profile. The agency also noted the Bank's role in facilitating foreign currency flows and financing economic activity.

The report further stated that BML's lending portfolio is concentrated in tourism and other major domestic sectors, reflecting the structure of the Maldivian economy. Fitch said such concentration is typical in a small and relatively undiversified economy, while noting that the Bank's experience in these sectors and risk management practices help manage associated risks.

The ratings follow Fitch Ratings' upgrade of the Maldives' Sovereign Long-Term Foreign Currency Issuer Default Rating to 'CCC-' on 3 June 2026. Fitch attributed the sovereign upgrade to the successful repayment of the USD 500 million Sukuk in April 2026, as well as revenue-side reforms and the implementation of the Foreign Currency Act.