Advertisement

Fitch downgrade not reflecting Malaysia, says Wahid – Bernama

Fitch downgrade not reflecting Malaysia, says Wahid – Bernama

The likelihood of Fitch Ratings downgrading Malaysia's rating does not reflect the country's true economic fundamentals, says minister in the Prime Minister's department Abdul Wahid Omar.

He said Malaysia's economy and financial structure remain strong despite some negative perceptions, adding the government will continue to contact the global rating agency to ensure it gets accurate information.

"Our task is to ensure our economy and financial structure continue to be strong and based on a competitive economic structure," he told reporters after presenting his keynote address and prizes at the Aon Hewitt Best Employers - Malaysia 2015 today.

He said Fitch's rating is not in tandem with two other global rating agencies - Moody's Investors Service and Standard & Poor's Financial Services LLC (S&P) - which have a positive and neutral outlook respectively for the country.

Wahid said Fitch's rating downgrade is not new, as it has hinted at it for over a year, and market players have taken this factor into consideration in their investment planning.

Yesterday, Fitch reiterated that Malaysia's credit rating was more than 50% likely to be downgraded due to the country's trade balance and debt obigations of a state-owned investment entity.