KUALA LUMPUR, Dec 4 — The revision of Malaysia’s rating by Fitch Ratings is primarily driven by the negative impact of the Covid-19 pandemic on the country’s fiscal position and the ongoing domestic political situation, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said.
He expressed the government’s disappointment with the rating outcome, particularly in light of the current exceptional circumstances when the Covid-19 pandemic is still unfolding.
He said Malaysia has already started to see the green shoots of economic recovery, attributed to the various stimulus packages implemented by the government since March 2020.
“By honing in on Malaysia’s fiscal position and political situation, Fitch’s decision does not give due justice and credit to our crisis response efforts and our strong economic fundamentals,” he said in a statement.
Fitch today said it has downgraded Malaysia’s sovereign rating from ‘A-’ to ‘BBB+’, with an improved outlook from negative to stable. — Bernama