Finance Minister: Ringgit, stock market unaffected by country's Fitch Ratings downgrade

KUALA LUMPUR: There was no"knee-jerk" reaction from the stock market despite Fitch Rating's downgrading Malaysia's sovereign debt rating, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz ."In this respect, the FBM KLCI and ringgit remained stable and we recorded a high bid-to-cover ratio demand of 2.6 times above the value of government MGII 10-year bonds offered last week," said the Finance Minister in reply to a question from Lim Guan Eng in Parliament on Tuesday. .

Zafrul also told lawmakers that most global rating agencies had issued some 220 negative ratings since early March this year. He added that did not take into account the effective implementation of the economic recovery and stimulus packages. He said that Johns Hopkins University had also noted that Malaysia achieved one of the lowest global Covid-19 mortality rates.

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