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...

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...