Moody’s Ratings has upgraded the Maldives’ credit rating from Caa2 to Caa1, Finance Minister Hassan Zareer has said.

Zareer said the upgrade reflects the effectiveness of the Government’s economic policies and measures to strengthen financial stability under the guidance of President Dr Mohamed Muizzu.

He said the Government would continue its efforts to maintain economic stability despite challenges and uncertainty in global financial markets.

Moody’s cited improved debt repayment capacity and the results of the Government’s fiscal consolidation measures among the key reasons for the upgrade.

The country’s government debt-to-GDP ratio has also declined, falling from 129.2 per cent at the end of 2025 to 122.6 per cent by the end of July 2026, based on Finance Ministry figures.