BANGKOK — Governments across Asia are unleashing massive stimulus packages to support economies heading into recession as the novel coronavirus batters consumption and investment, threatening progress in shoring up fiscal and monetary policy management following previous crises.
Economists agree swift action is essential. Credit rating agencies, however, have their eyes on national fiscal health. Policymakers thus have to spend their conjured funds wisely to avoid loading future generations with perpetual debt while dodging damaging short-term credit downgrades.
The big three raters — Standard & Poor’s, Moody’s and Fitch — have yet to downgrade the sovereign rating of any large Asian