Zafrul: No 'knee-jerk' market reaction to Fitch downgrade

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PARLIAMENT | There has been no knee-jerk reaction from the market following the downgrade of Malaysia's sovereign credit ratings by Fitch Ratings, according to Finance Minister Tengku Zafrul Abdul Aziz.Instead, Zafrul told Lim Guan Eng (Harapan-Bagan) the market and ringgit remained stable since the rating agency downgraded the country's long-term foreign-currency issuer default rating from A- to BBB+ earlier this month."We also recorded high demand (bid to cover ratio) of 2.6 times more than the offer value for the government's 10-years MGII bond issued last week," he said during Minister’s Question Time in the Dewan Rakyat today."Yesterday, I announced that eight venture capital managers from the US, Korea, China, Indonesia and Singapore have agreed to invest up to RM1.57 billion in Malaysian start-up companies."In simple terms, long-term inve…