Wahid: “Moody’s decision a revision, not downgrade”

Wahid considers Moody's decision as in line with the current global economic situation.

Wahid considers Moody's decision as in line with the current global economic situation.

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Written by Syndicated News

KUALA LUMPUR – January 11, 2016: Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar has clarified that Moody’s revision of Malaysia’s sovereign rating outlook to stable from positive is a revision that reflects the current global economic scenario and not a downgrade.

Moody’s today affirmed the Malaysian government’s issuer and senior unsecured bond ratings at A3 and changed the outlook to stable from positive.

Along with it, Moody’s revised the ratings of four government-linked companies — Malaysia Airports Holdings Berhad, Tenaga Nasional, Penerbangan Malaysia and Telekom Malaysia — also to stable from positive.

“The rating remains at A3 and I think the revision took into account the global environment such as the slowdown in China’s growth, fall in commodity prices and impact on oil prices,” Wahid said at a ceremony to mark the 50th anniversary of Japanese Overseas Cooperation of Volunteers (JOCV) here.

Wahid said Japan, Malaysia’s third largest trading partner, and Malaysia, Japan’s ninth largest global trading partner, recorded total trade of RM116.4 billion up to last November.

Malaysia’s main exports were liquified natural gas, electrical and electronics and chemicals while imports were mainly machinery, car spare parts and equipment.

“The bilateral relationship has been growing and I hope the cooperation will continue to grow.

“We wish JOCV can provide volunteers with specialisation in green technology, biotechnology and environmental solutions,” said Wahid.

JOCV, which is under the Japan International Cooperation Agency, aims to promote international cooperation, sound development of Japanese and global economy by supporting the socio-economic development of developing regions.

Since 1966, about 1,500 Japanese volunteers have been dispatched to Malaysia. — Bernama




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