S&P affirms Sarawak

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

The outlook is stable.

S&P affirmed the A- issue 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. The agency also affirmed the AAA rating on Sarawak Capital Inc.'s $350 million credit-wrapped notes due 2026, guaranteed by MBIA UK Insurance Ltd. (AAA/stable).

"The ratings on the State of Sarawak reflect its strong operating balances, robust liquidity reserves and its supportive relationship with the federal government of Malaysia," S&P credit analyst Yee Farn Phua said in a written statement.

"These strengths are weighted against a hefty debt burden and, to a lesser extent, an undiversified economy," the analyst said.

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