S&P ups Sarawak Economic Development view to stable

Standard & Poor's said it revised its outlook on Sarawak Economic Development Corp. (SEDC) to stable from negative.

The agency said it also affirmed its BBB+ long-term rating on SEDC, adding that the outlook revision reflects the improvement in the State of Sarawak's (foreign currency A-/stable) credit profile, as well as its strong fiscal position, financial flexibility and supportive relationship with the federal government.

S&P noted that the state's fiscal performance has been strong with budget surpluses averaging 14.2% of revenues over the 2003-2005 period on the back of large operating surpluses.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.