Standard & Poor’s Ratings today kept Malaysia’s long-term foreign currency sovereign credit rating at A-, with a ‘stable’ outlook, saying allegations of graft involving debt-laden state fund 1MDB will not impede policymaking.

The agency also said it does not see the decline in energy prices affecting Malaysia’s long-term fiscal consolidation.

“The country’s strong external position and fairly diverse economy can absorb some weakness in the oil and gas sector,” S&P said in a statement.

The agency last revised lower Malaysia’s outlook in 2008 while the country’s rating has been kept at A- since 2003.

S&P’s announcement comes on the back of Fitch Ratings decision earlier this month to revise its Malaysia outlook to ‘stable’.

- Reuters