Although Malaysian politicians and government officials remain in full denial of reality over a US Justice Department investigation of massive fraud involving Prime Minister Najib Razak and his family, local and international bankers are not. The bankers are trying to digest the implications of a downgrade by Fitch Ratings in late July of long-term foreign and local currency issuer default ratings for Petronas, Malaysia’s state-owned energy conglomerate, from A to A minus. That followed a downgrade of the government’s IDRs themselves on July 12 from A to A minus.

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