MARC has affirmed Malaysia’s sovereign rating of AAA with a stable outlook based on the agency’s national rating scale. The AAA rating reflects the resilience of the Malaysian economy, its effective monetary policy, as well as a healthy external position. Its rating strengths are, however, tempered by persistent fiscal deficits, high government debt and rising contingent liability, as well a...

MARC has assigned a foreign currency sovereign rating of AAA to the People’s Republic of China (China) with a stable outlook based on its national rating scale. The AAA rating reflects the strength of China’s large resilient economy, robust external position and the government’s reform agenda. Its rating strengths are, however, tempered by its highly leveraged non-financial corporate secto...

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 economic resilience, sound fiscal position and strong external position. Its strengths are, however, moderated by its rapidly ageing population and geopolitical risk stemming from North Korea. The...

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 AAA rating reflects Kuwait’s stable economic system that is supported by large oil reserves, ample financial buffers, as well as a strong external balance sheet. Its strengths are, however, tempered by the economy’s dependence on oil a...

MARC has affirmed the Republic of Singapore’s (Singapore) foreign currency sovereign rating of AAA with a stable outlook based on MARC’s national rating scale. The AAA rating reflects Singapore’s prudent macroeconomic management, strong fiscal and external positions, as well as credible governance and institutions. Its strengths are, however, moderated by its rapidly ageing population, whi...

MARC has affirmed Indonesia’s foreign currency sovereign rating of AA- with a stable outlook based on its national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time. The rating also serves as a country ceiling for ringgit-denominated debt issued locally by issuers domiciled in Indonesia. Transfer and conv...

MARC has affirmed South Korea’s foreign currency sovereign rating of AAA with a stable outlook based on the rating agency’s national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time, without respect to specific securities or payment obligations. The rating also serves as a country ceiling for ringgit-d...

MARC has affirmed Hong Kong Special Administrative Region of China’s (Hong Kong) foreign currency sovereign rating of AAA with a stable outlook based on MARC’s national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time, without respect to specific securities or payment obligations. The rating also serve...

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 MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time, without respect to specific securities or payment obligations. The rating also serves as a country ceiling for ringg...

MARC has affirmed Indonesia’s foreign currency sovereign rating of AA- with a stable outlook based on MARC’s national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time. The rating also serves as a country ceiling for ringgit-denominated debt issued locally by issuers domiciled in Indonesia. Transfer and...