Fitch changes Malaysia view

Fitch Ratings said it revised its outlook on Malaysia's long-term foreign-currency issuer default rating to negative from stable and has affirmed the rating at A-.

The agency said the revision reflects that the Malaysian economy is being heavily affected by the Covid-19 pandemic.

“A partial lockdown in place since mid-March has reduced domestic economic activity, and the pandemic has also undermined export earnings from commodities, manufacturing and intermediate goods, and tourism receipts,” the agency said in a news release.

“There is high uncertainty about the extent of the deterioration in economic growth and public finances, and the pace at which the pandemic will unwind.”

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