Moody's downgrades Maldives' credit rating on rising default risks

COLOMBO, Sept. 12 (Xinhua) -- Moody's Ratings has downgraded the government of Maldives' long-term local and foreign currency issuer ratings from Caa1 to Caa2 and placed the ratings under review for a possible further downgrade, the rating agency said in a statement on Wednesday.

In the statement, the rating agency added that they have also downgraded the long-term foreign currency-backed senior unsecured rating