A Malaysian State's Suspect Investment …

Sovereign credit rating downgrades usually come long after a government starts a journey down a slippery slope of debt or sleaze. So those thinking about Malaysia's medium to long term credit health should be sending up red flares over the Terengganu state government's effort to borrow RM10 billion (US$2.87 billion) to start a so-called sovereign wealth fund, the Terengganu Investment Authority.

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