International credit rating agency Fitch Ratings has assigned a credit rating to the Bank of Maldives (BML), recognizing the bank's financial strength, dominant market position, and resilience in overcoming challenges.

Fitch has assigned BML a Long-Term Issuer Default Rating (IDR) of 'CCC-' with a 'Stable' outlook. Additionally, the bank's Local Currency Long-Term IDR has been set at 'CCC+', which stands two notches higher than the national sovereign rating.

BML stated today that the ratings assigned by Fitch reflect the bank's robust standalone financial health and strength relative to the state's fiscal position.

This rating comes on the heels of Fitch upgrading the Maldives' sovereign credit rating from 'CC' to 'CCC-', following the country's successful repayment of its USD 500 million sukuk which matured in April 2026. The sovereign upgrade was also heavily supported by the government's revenue-enhancing fiscal reforms and recent adjustments to foreign exchange regulations.

According to BML, these ratings demonstrate that international financial institutions recognize the economic measures and robust structural changes being brought to the country's financial system. The bank noted that Fitch specifically highlighted BML's dominant market share within the Maldivian banking sector, its extensive service network spanning all regions of the country, and its strong standing in a competitive market.

BML’s CEO and Managing Director, Mohamed Shareef, stated that Fitch's assessment is a clear recognition of the bank's market leadership, solid financial performance, and its capacity to grow despite the unique economic challenges faced by a small island nation.

Shareef further noted that Fitch identified the bank's robust capitalization as a key rating strength. He emphasized that this reflects BML's strong internal capital generation and prudent risk management policies, showcasing its ability to maintain financial security and safety buffers while continuing to extend necessary credit and financial support to the nation's economy.

As the Maldives continues to implement its economic reform agenda, BML’s newly assigned rating underscores the critical role the national bank plays in preserving financial stability and driving long-term economic growth.