Maldives’ Tap Issuance on Existing Sukuk Certificates Will Carry B3 Rating of Outstanding Certificates: Moody’s

Moody’s Investors Service (Moody’s) says that the Government of Maldives’ (rated B3 negative) announcement of a tap issuance on its existing USD 200 million 9.875% Sukuk certificates due in April 2026 will carry the same B3 rating of its outstanding certificates.

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The Sukuk ratings do not express an opinion on the structure’s Shariah compliance. Also, the certificates are issued through Maldives Sukuk Issuance Limited, a special-purpose vehicle that is wholly owned by the Ministry of Finance and whose debt and trust certificate issuances would ultimately be the obligation of the Government. The B3 issuer rating for Maldives is underpinned by its solid economic growth prospects and a competitive tourism sector. However,...