Finance Ministry on Tuesday said it was preparing to publish the country’s sovereign credit rating.
A sovereign credit rating is the credit rating of a country or sovereign entity. Sovereign credit ratings give investors insight into the level of risk associated with investing in a particular country and also include political risks. At the request of the country, a credit rating agency will evaluate the country's economic and political environment to determine a representative credit rating. Obtaining a good sovereign credit rating is usually essential for developing countries in order to access funding in international bond markets.
Finance Minister Ahmed Munawar said they are working to publish the country’s sovereign credit rating issued by the Moody's Investors Service. Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis internationally. The Minister added that the publication of the credit rating will help attract more investors as would give them insight into the level of risks and gains associated with investing in the country.
“The government is currently embarking on a reform to the financial system of the Maldives, which we believe would be transformational development to the country”, he said.
He said that “key initiatives under this programme include the issuance of a sovereign credit rating for the Maldives. The exercise has been completed recently by Moody’s investor services and will be published soon”, and added that “this would open access to the global financial system.”