S&P rates State of Sarawak

Standard & Poor's said it assigned its A- long-term foreign currency and A- local currency sovereign credit ratings on the State of Sarawak.

The outlook is stable.

At the same time, the agency said that the ratings on Sarawak Corporate Sukuk Inc.'s $350 million floating-rate trust certificates due 2009 and Sarawak International Inc.'s $800 million guaranteed notes due 2015 are affirmed at A-.

The agency added that Sarawak's strong fiscal performance and financial flexibility are key credit strengths.

The state also enjoys significant flexibility over its revenue base, more so than most other Malaysian states because of its special status under the Malaysian Constitution, with more than 60% of its operating revenues in 2005 considered modifiable, versus only 6% to 17% for its peers in the A- category, S&P said.

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