MARC has assigned a preliminary rating of AA+ to CIMB Bank Berhad’s (CIMB Bank) proposed RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme (Subordinated Debt Programme). Concurrently, MARC has also affirmed the long-term and short-term financial institution (FI) ratings on CIMB Bank at AAA/MARC-1 and the ratings of all corporate debt issuances by the bank; the full list o...

MARC has affirmed its AAA financial institutions rating on Bank Pembangunan Malaysia Berhad (BPMB).  MARC has also affirmed its MARC-1ID/MARC-1 programme ratings on BPMB’s Islamic and/or Conventional Commercial Papers (CP) Programme of up to RM2.0 billion with a stable outlook.  The ratings reflect support from the Government of Malaysia on account of BPMB’s status as a wholl...

MARC has affirmed its long-term and short-term financial institution ratings of AAA/MARC-1 with a stable outlook on Malayan Banking Berhad (Maybank). Maybank is the major operating entity and financial holding company of the Maybank Group which is engaged in conventional and Islamic banking, insurance, takaful and investment services. The ratings are underpinned by Maybank’s sizeable co...

MARC has withdrawn its AA+ rating on CIMB Bank Berhad’s (CIMB Bank) RM1.5 billion nominal value subordinated bonds (Subordinated Bonds). The withdrawal follows the early and full redemption of the Subordinated Bonds on March 28, 2013, as confirmed by the facility agent. MARC’s analytical coverage on CIMB Bank is now limited to the bank’s financial institution rating of MARC-1/AAA...

MARC has withdrawn its AA rating on State Bank of India’s (SBI) RM500 million Senior Unsecured Bonds following the full redemption of the bonds which matured on March 29, 2013. MARC will no longer provide analytical coverage on the issuer upon withdrawal of the aforementioned rating.Contact: Sharidan Salleh, +603-2082 2254/ sharidan@marc.com.my. ...

MARC has affirmed its debt ratings of AAA/AAAID on The Export-Import Bank of Korea’s (KEXIM) conventional and Islamic Medium Term Notes (MTN) Programmes with a combined nominal value of RM3.0 billion and AAA on KEXIM’s RM1.0 billion MTN Programme. The outlook for all the ratings is stable. The ratings are sustained by the strong implicit support of the South Korean government given KEX...

MARC has affirmed its AA rating on State Bank of India’s (SBI) Senior Unsecured Bonds of RM500 million with a stable outlook. The rating reflects SBI’s very high systemic importance as the largest bank in India, its robust market franchise, stable income generation, strong liquidity position and the likelihood of external support from its majority shareholder, the Government of India (...

MARC has affirmed its AAA issuer rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The affirmed rating takes into account CGC’s sound capitalisation and prudent investment practices as well as the changes that CGC has embarked on in recent years to transform itself into a commercially driven institution. CGC’s adoption of a risk-adjusted pricing method...

MARC has affirmed its AAA insurer financial strength (IFS) rating on Danajamin Nasional Berhad (Danajamin) with a stable outlook. The affirmed IFS rating continues to reflect Danajamin’s status as a government-sponsored financial guarantee insurer (FGI) and perceived high support from the government in view of its public policy objective of facilitating greater corporate access to the domestic s...

MARC has downgraded its insurer financial strength (IFS) rating on BEST RE (L) Limited (BEST RE) to A+ from AA and revised the outlook to negative from stable. The rating action reflects recent underwriting losses due in part to higher catastrophe losses arising from Thai floods in 2011 and the weakening of its capital adequacy metrics. The current rating incorporates risk-mitigating initiatives u...