Beware of Fitch rating that can throw Malaysia into a ditch

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An A rating from the Fitch credit rating agency, at any given time, should be lauded. But credit rating agencies do get things wrong. Often badly. Prior to the Asian Financial Crisis in 1997-1998, for instance, all credit rating agencies such as Fitch, Standards and Poor's and Moody's, proceeded to give a thumbs up to the entire East Asian region, with the exception of Cambodia, Myanmar, Laos and Vietnam then. Yet, when their analysis came all unhinged, all three credit rating agencies had to switch their assessment completely. Thailand, Malaysia, Indonesia, and even, South Korea, received an instant downgrade on their economic worthiness. China was an exception as the Chinese Ren Min Bi was not widely traded in the international market yet.  It was still in the thick of an infrastructure boom that ended only in 2013, when surplus production in steel, cement and the such, …