Rationale     MARC has affirmed the People’s Republic of China’s (“China”) foreign currency sovereign rating at AAA with a stable outlook 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 it m...

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. For example, South Korea has continued to generate current account surpluses, even in...

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 crises. According to the latest available...

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 and institutions. The stable outlook is based on MARC’s expectation o...

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 as a global business and financial hub is underpinned by its sound m...

MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on Malaysia, based on its national rating scale.  The AAA rating reflects several credit strengths, including a competitive and well diversified economy. It was, for example, positioned relatively high at number 27 in the 2019 edition of the World Economic Forum’s Global Competitiveness Index 4.0 rankin...

MARC has affirmed the People’s Republic of China (China) foreign currency sovereign rating at AAA with a stable outlook based on its national rating scale.  The AAA rating reflects several of China’s credit strengths, including a relatively resilient economy, which is large and well-diversified. China also has ample foreign exchange reserves — the world’s largest — to buffer against...

MARC has affirmed the Republic of Korea’s (South Korea) foreign currency sovereign rating of AAA with a stable outlook based on MARC’s national rating scale. The AAA rating reflects South Korea’s steady economic performance, prudent fiscal management and strong external position. Its strengths are, however, tempered by a rapidly ageing population and rising geopolitical risk. The stable ou...

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 stable economic system backed by sizeable hydrocarbon reserves, and robust fiscal and external buffers. Its credit strengths are, however, tempered by its heavy reliance on oil, as well as weak governance and ins...

MARC recommends affirming 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 Singapore’s prudent economic management, robust external position, high fiscal discipline, as well as strong governance and institutions. Its credit strengths are, however, tempered by its susceptibility t...