Maldives’ Outlook Downgraded Despite Tourism Recovery

• Fitch Ratings revised the Maldives’ outlook to Negative from Stable while affirming its Long Term Currency Issuer Default Rating at B-.
• Hilton announced plans to expand the presence of Conrad Hotels & Resorts through Conrad Singapore Orchard.
• Singapore’s Far East Organization is planning to develop a new hotel in Sydney’s Rocks district, with a proposal to redevelop the Clocktower Square with a luxury new property.

Fitch Ratings revised the Maldives’ outlook to Negative from Stable while affirming its Long Term Currency Issuer Default Rating at B-. The outlook revision reflects Fitch’s assessment that tightening global financial conditions are intensifying the Maldives’ external liquidity strains, even though tourism has recovered to pre-pandemic levels. Fitch believes a sharp decline in foreign-exchange buffers, if sustained, could complicate the […]