S&P rates Malayan notes A-

Standard & Poor's said it assigned its A- long-term foreign currency issue rating to Malayan Banking Bhd.'s proposed issue of HK$700 million fixed-rate senior unsecured notes.

The agency said it also assigned its cnAA Greater China credit scale rating to the proposed notes.

According to S&P, the issue will be a drawdown under the bank's $2 billion multicurrency medium-term notes program.

The agency said it expects Maybank to use the proceeds from the issue for working capital, general banking, and other corporate purposes.

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