31 Jul '13, 4am

Fitch pushes Malaysia’s credit rating outlook to negative (TMI)

The Malaysian Insider July 31, 2013 Global ratings agency Fitch Ratings has revised Malaysia’s sovereign credit rating outlook from stable to negative as the possibility of addressing public finance weaknesses has deteriorated after Election 2013. The news comes as the Malaysian ringgit slid to three-year lows against the US dollar and 15-year lows against the Singapore dollar, making imports more expensive while exports would be cheaper although exports have slipped. But it affirmed the country’s long-term foreign and local currency issuer default ratings at A- and A, respectively. “Malaysia’s public finances are its key rating weakness. Federal government debt rose to 53.3% of gross domestic product (GDP) at end-2012, up from 51.6 percent at end-2011 and 39.8 percent at end-2008. “The general government budget deficit (Fitch basis) widened to 4.7 percent of GDP in 2012 f...

Full article: http://blog.limkitsiang.com/2013/07/31/fitch-pushes-malay...

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