Fitch Ratings has upgraded the Maldives’ Long-Term Foreign-Currency Issuer Default Rating from ‘CC’ to ‘CCC-’. The rating measures the government’s ability to service external, foreign-currency debt and remains distinct from the performance of domestic financial institutions and the wider real economy. The upgrade reflects Fitch’s view that the immediate risk of sovereign default has eased, although external and fiscal vulnerabilities remain elevated.

First National Real Estate and Hospitality Fund Plc held its 2nd Annual General Meeting on 20th May 2026, where shareholders were provided with an overview of the Fund’s performance during the 2025 financial year, along with its outlook and projections for the year ahead.

First National Money Market & Savings Fund Private Limited held its Fourth Annual General Meeting on 19th May 2026, where investors were provided with results of the Fund’s performance for the financial year 2025.

ADK Hospital has successfully closed the second and final tranche of its corporate bond programme, with the offering closing oversubscribed.

First National Real Estate and Hospitality Fund Plc (“Real Estate Fund”) has distributed its quarterly returns for Q1 2026, continuing its track record of delivering stable income to investors.

ADK Hospitals Private Limited has opened subscription for the second and final tranche of its MVR 120 million bond issuance. This tranche aims to raise MVR 70 million, following the completion of the first tranche, which raised MVR 50 million.

As part of efforts to open Maldives’ capital market to foreign investors, the Capital Market Development Authority has authorized First National Finance Corporation to operate as a Capital Market Entry Agent for investors seeking to invest in securities offered in the Maldives.

First National has established its first internal Shariah Advisory Committee to provide expert guidance on the development and review of Shariah-compliant products.

This year, First National started exploring international markets, including Luxembourg, Mauritius, Malaysia, the United Arab Emirates, and most recently, Kingdom of Bahrain. These initiatives reflect our ongoing commitment to broadening the range of business opportunities available to both existing and new clients.

The Maldives has marked a significant milestone with the launch of its first-ever blended finance initiative, a collaboration between First National Finance Corporation (First National) and the Maldivian Red Crescent (MRC) to develop MRC’s land in Hulhumalé.