Moody's upgrades Ambank

Moody's Investors Service said it upgraded the foreign currency deposit ratings of AmBank (M) Bhd. to Baa1/P-2 from Baa2/P-3, following the upgrade of its standalone bank financial strength rating to D+ from D.

At the same time, Moody's upgraded AMBB Capital (L) Ltd.'s preferred stock rating to hybrid B1 from hybrid B2. AMBB Capital is a special purpose vehicle wholly owned by AmBank.

The ratings now carry a stable outlook.

"The upgrade of AmBank's ratings results from the bank's improved financial fundamentals, particularly asset quality and capitalization, which position it well relative to similar Moody's D+ rated banks," Moody's analyst Simon Chen said in a news release.

"The upgrade also reflects Moody's expectation that AmBank will continue to benefit from management's ongoing efforts to optimize business growth based on profitability and focus on credit quality," Chen added in the release.

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