S&P revises Maybank to positive

Standard & Poor's said it revised the outlook on its counterparty credit rating on Malayan Banking Berhad (Maybank) to positive from stable.

At the same time, S&P affirmed its BBB+/A-2 ratings on the bank, as well as its BBB issue ratings on the bank's $250 million and $300 million subordinated notes due 2005 and 2012, respectively.

"The outlook revision reflects the steady progress Maybank has achieved in strengthening its financial profile," said S&P credit analyst Adrian Chee. "It also factors in the expectation that the bank will sustain its efforts in improving the key area of asset quality, while maintaining strong capitalization at a level commensurate with its ratings."

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