Research & Analysis

2023 Annual Corporate Default and Ratings Transition Study

Summary In 2023, MARC Ratings’ corporate portfolio recorded four rating downgrades and three upgrades, an increase compared to the preceding year, where two downgrades and two upgrades were recorded. Meanwhile, there was no rating default in 2023, in contrast to the two rating defaults in 2022. This led to an improved rating drift at -1.1% […]

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MARC Ratings publishes 2023 annual corporate default and ratings transition study

MARC Ratings today published its 2023 Annual Corporate Default and Ratings Transition Study which tracks corporate ratings assigned by the rating agency since its inception in 1996 through 2023. In 2023, MARC Ratings’ corporate portfolio recorded four rating downgrades and three upgrades, compared to two downgrades and two upgrades in the preceding year. Hence, the

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Bond sell-off on resilient US economy – February 2024 – Summary

Summary Malaysia registered a weaker-than-expected gross domestic product (GDP) growth of 3.0% in 4Q2023 (advanced estimate: 3.4%; 3Q2023: 3.3%) as growth in the services sector moderated while that in the manufacturing sector remained tepid, bringing the full-year GDP growth to 3.7%. We forecast a firmer growth of 4.2% in 2024 on an anticipated recovery in

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Rate cut pushback leading to bond sell-off – January 2024 – Summary

Summary Malaysia posted a weaker-than-expected advanced gross domestic product (GDP) estimate of 3.4% as at 4Q2023 (Consensus: 4.1%; 3Q2023: 3.3%) as the services sector moderated and the manufacturing sector remained flat, which will bring the advanced estimate full year GDP growth to 3.8%, based on the advanced estimate. A stronger rebound in tourism and recovery

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2024 Macroeconomic Outlook: Post-tightening global recovery – Summary

Summary  After successfully navigating through an environment of high interest rates to tame inflation in 2023, the global economy is expected to stay resilient amid the anticipated end of monetary tightening. However, challenges remain in the form of the lagged impact of previous rate hikes and the risk of inflation reaccelerating. The tightening cycle in

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Ongoing disinflation sustains market rally – December 2023 – Summary

Summary The latest economic data for Malaysia was rather mixed but largely within expectations. Domestic activities remained stable, as seen in the resilient wholesale & retail trade and stronger domestic-oriented production for October. While exports data remained subdued, petroleum and rubber products rebounded after consecutive months of double-digit decline. The Brent oil price experienced volatility

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Risk-on market against cautious central banks – November 2023 – Summary

Summary Malaysia posted a firmer gross domestic product (GDP) print of 3.3% in 3Q2023 (2Q2023: 2.9%) in line with the advanced estimate, bolstered by private consumption which grew at a faster pace. The latest October trade data showed some nascent signs of recovery in the external sector, supported by an anticipated recovery in the Chinese

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