Fitch boosts Malayan Bank to A

Fitch Ratings said it upgraded the deposit rating of Malayan Banking Bhd. to A from A- to reflect the depositor preference in the Malaysian banking system, as well as Fitch's revision in Malaysia's country ceiling to A from A-. The agency affirmed the bank's other ratings, including its long-term foreign- and local-currency issuer default rating at A-, individual rating at B/C, support rating at 2 and subordinated debt rating at BBB+.

The outlook is stable.

The ratings reflect the bank's sound balance sheet and above-average profitability, as well as its systemic importance as Malaysia's largest bank owned by the government, Fitch said. The agency also noted that the bank's underlying profitability remained stable and above average at 2.3% to 2.4% in the last two financial years.

© 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.