MARC Ratings has affirmed Terengganu’s sub-sovereign credit rating at AA- with a stable outlook based on the rating agency’s sub-sovereign rating scale. The rating reflects Terengganu’s healthy fiscal position, supported by its low debt levels, and substantial oil and gas resources.Terengganu has steadily reduced its debt, supported by the federal government’s strategic decision to partly ...

MARC Ratings has affirmed the State of Kuwait’s sovereign credit rating at AAA with a stable outlook based on the rating agency’s national rating scale. The rating reflects Kuwait’s strong fiscal and external balance sheets, underpinned by its strong position in the global oil market. Kuwait ranked as the fifth-largest Organization of the Petroleum Exporting Countries (OPEC) oil producer in ...

MARC Ratings has affirmed Sabah’s sub-sovereign credit rating at AAA with a stable outlook based on the rating agency’s sub-sovereign rating scale. The AAA rating reflects Sabah’s substantial fiscal buffers, high revenue base from its abundant natural resources and strong institutional framework. Sabah’s fiscal surpluses have led to consolidated funds reaching RM5.4 billion in 2022 (2...

MARC Ratings has affirmed the People’s Republic of China's (China) sovereign rating at AAA with a stable outlook based on its national rating scale. The AAA rating reflects several credit strengths that include the country’s large, diversified and internationally competitive economy, proactive fiscal and monetary approaches, and robust external position. As the world’s second-largest ec...

MARC Ratings has affirmed its public information sovereign rating of AAA/Stable on Malaysia based on its national rating scale. The AAA rating reflects the country’s credit strengths, including a competitive and diversified economy that has maintained a relatively steady growth trajectory. Malaysia has consistently posted a current account (CA) surplus, which contributes to a stable externa...

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 tensions that continue to affect policymaking, and weak gov...

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. Singapore’s success as a global busine...

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 including a competitive and ...

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 2020, thanks to a...

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 due to the impact of the COVID-19 pa...