S&P keeps Malaysia's A- sovereign rating

Kuala Lumpur

STANDARD & Poor's 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 1Malaysia Development Berhad (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 on Monday.