Rating action          MARC Ratings has affirmed Sabah’s sub-sovereign credit rating of AAA with a stable outlook, based on its sub-sovereign rating scale.  Rationale The rating reflects, to a significant extent, Sabah’s natural resource wealth, with the agricultural and mining sectors collectively accounting for 38.5% of the state’s gross domesti...

Rating action          MARC Ratings has affirmed its public information sovereign rating of AAA/Stable on the People’s Republic of China (China), based on its national rating scale.  RationaleThe rating reflects the country’s credit strengths, including its large, diversified, and internationally competitive economy. China has become a leading manufactur...

Rating action           MARC Ratings has affirmed its public information sovereign rating of AAA/Stable on Malaysia, based on its national rating scale. Rationale    The rating reflects the country’s credit strengths, including a competitive and diversified economy that has maintained a relatively steady growth trajectory. For 2023, Malaysia...

Rationale          MARC Ratings has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA/stable based on its national rating scale.  The rating reflects Kuwait’s significant fiscal and external buffers. These credit strengths are, however, balanced by credit concerns that include its heavy reliance on the oil sector, political tens...

Rationale     MARC Ratings has affirmed its foreign currency sovereign rating of AAA/stable on the Republic of Singapore (Singapore) based on its national sovereign rating scale.  The AAA rating reflects a number of Singapore’s strengths, including having a dynamic and competitive economy underpinned by strong economic policy frameworks and effective institutions. Singap...

Rationale     MARC Ratings has affirmed its public information local currency sovereign rating of AAA/stable on Malaysia, based on its national sovereign rating scale.  Under this rating scale, the sovereign state of Malaysia carries the lowest relative risk for reasons that include its authority to tax and set interest rates.The rating reflects the country’s credit strengths...

Rationale     MARC Ratings 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, well-diversified and resilient economy. Unlike many other countries, China had avoided an economic contraction during the first ...

Rationale     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 fiscal and economic pressure d...

Rationale     MARC has affirmed its 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 continues to be underpinned by sound macroeconomic m...

Rationale     MARC has affirmed its public information local currency sovereign rating of AAA/stable on Malaysia, based on its national sovereign rating scale.  Under this rating scale, the sovereign state of Malaysia carries the lowest relative risk for reasons that include its authority to tax and set interest rates.The rating reflects several credit strengths, including a co...