Message in Fitch downgrade is that government has no credible plan - PN

Updated 12.32 p.m. The Nationalist Party said today that the underlying message in the Fitch downgrade of Malta's long term credit rating was that the present government had no economic plan and it was not credible. Fitch yesterday downgraded Malta's rating to A from A+. The PN said the agency's decision was motivated by the fact that Malta's financial situation had deteriorated, first because the then Labour Opposition decided to vote against the Budget for 2013 and now because of the total lack of an economic plan. The agency had also noted how under the present government, the EU placed Malta under an excessive deficit procedure. That was caused by the government's decision to underline last year's deficit without presenting a convincing plan for corrective action.  This downgrade, the PN noted, came after a drop in exports and a rise in unemployment.  Malta had enjoyed a Fitch A+ rating for five years after the former government took Malta into the eurozone. The present government now needed to realise that the general election was past and it needed to assume its responsibilities, the PN added..  Earlier today, the Finance Ministry in a statement said it was addressing the...