Great acknowledgement for Sarawak from Moody’s!
SARAWAK has received an upgrade for its issuer rating from Baa1 to A3 by Moody’s Investors Service.
This means that the State’s rating is now equivalent to that of Malaysia’s!
The upgrade comes just under a month after Moody’s cut the debt ratings of six European countries — Italy, Spain, Portugal, Slovakia, Slovenia and Malta.
The ratings agency also revised its outlook on the UK’s and France’s top Aaa ratings to ‘negative’, because of Europe’s debt crisis.
Sarawak’s rating is so much better than that of Portugal’s, which was downgraded to Ba3 from Ba2. Amazing right?
Moody’s said the upgrade is due to the State’s strong record of positive financial performance, including the generation of operating and financing surpluses over many consecutive years, which has contributed to growing reserve levels.
In a press statement, Moody’s concluded that the state had a “coherent strategy consistent with the A3 rating”.
“Principally, the setting aside of…
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