Bank of Maldives (BML) has received a Long-Term Issuer Default Rating (IDR) of ‘CCC-‘ with a Stable Outlook from Fitch Ratings, while also securing a Local Currency Long-Term IDR of ‘CCC+’, two notches above the Maldives’ sovereign rating.
The rating follows Fitch’s recent upgrade of the Maldives’ Sovereign Long-Term Foreign Currency Issuer Default Rating to ‘CCC-‘ after the successful repayment of the country’s USD 500 million sukuk in April 2026, alongside key fiscal reforms and the implementation of the Foreign Currency Act.
Although BML’s ratings remain capped by the sovereign rating framework applied to domestic financial institutions, Fitch said the bank’s standalone financial strength is significantly stronger than the sovereign rating would suggest.
In its assessment, Fitch highlighted BML’s dominant position in the Maldivian banking sector, citing its nationwide presence, extensive customer base and advanced digital banking services. The agency noted that the bank’s scale and market leadership continue to provide a strong competitive advantage and support consistent earnings performance.
Fitch also identified BML’s robust capitalization as one of its key strengths. The agency said strong internal capital generation, prudent risk management and a measured dividend policy have enabled the bank to maintain substantial capital buffers while continuing to support lending and economic growth.
The rating agency acknowledged the challenges facing the Maldivian banking sector, particularly ongoing foreign currency shortages and broader external economic pressures. However, Fitch noted that BML’s stable deposit base, strong franchise and prudent liquidity management have helped the bank remain resilient through varying economic conditions.
According to Fitch, BML continues to play a critical role in supporting foreign currency flows, facilitating economic activity and maintaining confidence in the country’s financial system.
The agency further noted that while BML’s lending portfolio is concentrated in tourism and other key domestic sectors, this reflects the structure of the Maldivian economy. Fitch said the bank’s extensive experience, long-standing customer relationships and disciplined risk management support its ability to manage these exposures effectively.
Commenting on the rating, BML Chief Executive Officer and Managing Director Mohamed Shareef said the assessment reflects the bank’s strong market position, resilient financial performance and ability to generate capital organically while maintaining prudent growth.
He added that the rating also demonstrates BML’s ability to navigate the structural challenges of a small island economy while continuing to support customers, contribute to national economic development and uphold high standards of financial strength and governance.
The latest Fitch assessment reinforces BML’s position as the Maldives’ largest bank, highlighting its strong standalone financial profile, resilient business model and solid capital base despite operating within a challenging macroeconomic environment.
