Moody's upgrades Sarawak

Moody's Investors Service said it upgraded the State of Sarawak's issuer rating to A3 from Baa1.

The outlook is stable.

The upgrade completes a review that began in November.

The upgrade is supported by Sarawak's strong record of positive financial performance, including the generation of operating and financing surpluses over many consecutive years, which have contributed to the state's growing reserve levels, Moody's said.

Such results reflect robust growth in commodities-related revenues and the state's prudent approach to fiscal management, the agency said.

The rating also incorporates the state's sizable and rising debt burden, Moody's said.

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