Fitch rates Malayan Banking issue BBB+

Fitch Ratings said it assigned an expected rating of BBB+ to the proposed issue of subordinated Islamic certificates of Malayan Banking Bhd. and affirmed Maybank's long-term foreign-and local-currency issuer default rating at A-, individual rating at B/C, support rating at 2, deposit rating at A and its BBB+ on an existing dollar-denominated subordinated debt. Final ratings will be contingent upon final documents.

The outlook is stable.

The ratings reflect Maybank's generally sound balance sheet and above-average profitability, Fitch said, as well as its systemic importance as Malaysia's largest bank owned by the government.

The rating for this Islamic issue is in line with Fitch's methodology of rating such instruments and is notched one below the bank's foreign-currency issuer default rating as per conventional subordinated debt issues, the agency said.

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