PMO pleased that Standard & Poor has affirmed all credit ratings

PETALING JAYA: The Prime Minister's Office is pleased that Standard & Poor have affirmed all of its ratings in various 'A' categories for short and long term credit rating for Malaysia.
It said in a statement that it is pleased the world's leading international rating agency endorses the government's economic and financial measures undertaken so far.
These measures have been and is expected to continue to be "effective" and of "sound policy-making," it added.
"The rating agency also believes that Malaysia's fiscal deficits and the government debts are moderate, taking into consideration the country's 'strong external position' and 'considerable monetary flexibility'," it said.
PMO said the agency expects the Ringgit's prevailing position to boost exports of manufactured goods and partly offset the impact of the country's lower earnings from weaker oil prices for 2015.
"Of particular note, the agency is also of the view that it 'does not believe that the government's contingent liabilities' in regards to its fiscal debt position will 'materialise significantly'," it said.
utlook, while its short-currency sovereign credit rating is at A-2.
The agency had last revised Malaysia's outlook in 2008 while the country's rating has been kept at A- since 2003.
Earlier this month, Fitch Rating had maintained Malaysia's long-term foreign currency issuer default rating (IDR) at A- and local currency at A, with the outlook revised to stable from negative previously.
It was reported stating that Malaysia's fiscal finances have improved and views progress on the Goods and Services Tax (GST) and fuel subsidy reform as supportive of the fiscal finances.