Moody’s Investors Service said said in a statement that the Malaysian economy boasted solid medium-term growth prospects and high levels of competitiveness. KUALA LUMPUR: The credit profile of Malaysia (issuer rating A3) is supported by the country’s “a1” economic strength, which reflects a large and diverse economy, Moody’s Investors Service said. It said in a statement that the Malaysian economy boasted solid medium-term growth prospects and high levels of competitiveness. “Its ‘a2’ institutions and governance strength, which balances solid executive and legislative institutions and a track record of effective macroeconomic policy-making against perceived weakness in the control of corruption and governance, will take time to address, as well as the slow pace of revenue-enhancing fiscal reforms that constrains fiscal policy credibility and effectiveness, ” it said. Moody’s said the government’s “baa3” fiscal strength took into consideration its moderately high debt burden and narrow revenue base that is partly reliant on petroleum and non-tax revenues, although the debt is predominantly denominated in local currency and the large domestic savings pool anchors funding costs and debt affordability. “Its ‘baa’ susceptibility to event risks is driven by external vulnerability, on account of the economy’s exposure to volatile capital flows and sizeable short-term external debt liabilities, ” it said. Moody’s issued the statement after reviewing all of its ratings periodically in accordance with regulations – either annually or, in the case of governments and certain EU-based supranational organisations, semi-annually. It said the review did not involve a rating committee, and the statement does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. On Thursday, the World Bank said Malaysia’s economy is expected to grow by 6.7% in 2021, on the back of successful containment of Covid-19 infections and effective rollout and distribution of the vaccine.
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