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BRIEF-Moody's Says Maldives' Downgrade Driven By Assessment That Default Risks Have Risen Materially

BY Reuters | CORPORATE | 09/11/24 06:46 AM EDT

Sept 11 (Reuters) - Moody's:

* MOODY'S SAYS DECISION TO DOWNGRADE MALDIVES DRIVEN BY ASSESSMENT THAT DEFAULT RISKS HAVE RISEN MATERIALLY

* MOODY'S: ASSESSMENT REFLECTS GOVERNANCE WEAKNESSES MALDIVES INSTITUTIONS' ABILITY TO SWIFTLY ADOPT MEASURES TO MITIGATE EXTERNAL VULNERABILITY RISKS

* MOODY'S: DECISION TO PLACE RATINGS UNDER REVIEW AS MALDIVES' FRAGILE EXTERNAL LIQUIDITY POSITION TO LIKELY WORSEN FURTHER WITHOUT NEAR TERM FINANCING

* MOODY'S SAYS EXPECT MALDIVES' FOREIGN EXCHANGE RESERVES TO REMAIN AT LOW LEVELS & AUTHORITIES TO BE TESTED ON ABILITY TO OBTAIN EXTERNAL FINANCING

* MOODY'S SAYS EXPECT MALDIVES' CURRENT ACCOUNT DEFICITS TO REMAIN WIDE OVER NEXT FEW YEARS

* MOODY'S: MALDIVES' LOCAL AND FOREIGN CURRENCY CEILINGS HAVE BEEN LOWERED TO B2 AND CAA1 FROM B1 AND B3 RESPECTIVELY Source text for Eikon:

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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