Moody's assigns CIMB Bank A1/Prime-1 ratings

Moody's Investors Service said it assigned A1/Prime-1 local currency deposit ratings of CIMB Bank Bhd.

The outlook is stable.

All other ratings remain unaffected.

Moody's said CIMB Bank's A1 local currency deposit rating is driven by its baseline credit assessment of baa1, plus three notches of uplift to reflect Moody's systemic support assumptions.

The agency said it considers CIMB Bank as systemically important because of the bank's position as the third-largest in Malaysia by system deposits, with a 15% market share at end-June 2013. Consequently, Moody's believes there is a very high probability that the Malaysian government will support CIMB Bank, in times of financial distress.

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