Sovereign

MARC Ratings has affirmed Sarawak’s sub-sovereign credit rating at AAA with a stable outlook, based on its sub-sovereign rating scale. The rating reflects Sarawak’s substantial fiscal buffers, persistent fiscal surpluses, and strong political representation. As of 2023, Sarawak’s consolidated funds (cash and investments) stood at RM26.9 billion, equivalent to 14.8% of the state’s gross domestic …

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MARC Ratings has affirmed its public information foreign currency sovereign rating of AAA/stable on the People’s Republic of China based on its national rating scale. The rating reflects several credit strengths, including a large, well-diversified, and resilient economy. Unlike many other countries, China had avoided an economic contraction during the first year of COVID-19 in …

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Posted Date: October 1, 2021 MARC has affirmed its foreign currency sovereign rating of AAA/stable on the State of Kuwait (Kuwait), based on its national rating scale. The rating reflects Kuwait’s significant fiscal and external buffers. Meanwhile, its heavy reliance on oil, as well as weak governance and institutions, are credit concerns. Kuwait faces rising …

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Posted Date: August 18, 2021 MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on the Republic of Singapore (Singapore), based on its national rating scale. The AAA rating reflects a number of strengths, including a dynamic and competitive economy. Singapore’s success as a global business and financial hub has been and …

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Posted Date: July 29, 2021 MARC has affirmed its public information local currency sovereign rating of AAA/stable on Malaysia, based on its national rating scale. Under this rating scale, the sovereign state of Malaysia carries the lowest relative risk for reasons that include its authority to tax in ringgit and set interest rates. The rating …

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Posted Date: March 31, 2021 MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on the People’s Republic of China, based on its national rating scale. The AAA rating reflects several credit strengths, including a large and well-diversified, resilient economy. Thanks to an effective stimulus package, China’s quarterly recovery was quick and …

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Posted Date: October 30, 2020 MARC has affirmed the Republic of Korea’s (South Korea) foreign currency sovereign rating of AAA with a stable outlook, based on its national rating scale. The AAA rating reflects several credit strengths, chief among which are economic resilience, prudent fiscal management and a strong external position. Thanks to fiscal discipline, …

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Posted Date: September 2, 2020 MARC has assigned a sub-sovereign credit rating of AAA with a stable outlook to the state of Sabah. The rating reflects Sabah’s resource riches, relatively strong fiscal position and liquidity buffer. Contributing about 18% towards Malaysia’s overall primary sector output, Sabah has consistently generated fiscal surpluses even during major global …

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Posted Date: July 27, 2020 MARC has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA with a stable outlook based on MARC’s national rating scale. The rating reflects Kuwait’s robust fiscal and external buffers. Its credit strengths are, however, tempered by its heavy reliance on oil, as well as weak governance …

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Posted Date: July 14, 2020 MARC has affirmed the Republic of Singapore’s (Singapore) foreign currency sovereign rating of AAA with a stable outlook based on its national rating scale. The AAA rating reflects a number of strengths, including its dynamic and competitive economy which has the highest GDP per capita in the region. Singapore’s success …

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