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 macroec...

MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on Malaysia under 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 rankings. It is ...

MARC 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 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 e...

MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on the Republic of Korea (South Korea), based on its national rating scale. The AAA rating reflects South Korea’s steady economic performance, prudent fiscal management and strong external position. Meanwhile, a rapidly ageing population and rising geopolitical risk remain concerns. South Korea’s eco...

MARC has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA with a stable outlook based on its 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 heavy reliance on oil and weak governance and institutions. The sta...

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 to...

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

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 its reform agenda. Its rating strengths are, however, tempered by its highly leveraged non-financial corporate sector and the US-Chi...

MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on the Republic of Korea (South Korea), based on its national rating scale. The rating reflects South Korea’s economic resilience, sound fiscal position and strong external position. Its rating strengths are, however, tempered by its rapidly ageing population and geopolitical risk stemming from North Ko...