Moody’s gives Baa1 to AmBank notes

Moody's Investors Service said it assigned a Baa1 rating to the dollar-denominated senior unsecured notes proposed by AmBank (M) Bhd. and to be issued under its U$2 billion euro medium-term note program.

The outlook is stable.

The notes represent direct, senior, unsubordinated and unsecured obligations of AmBank. As such, they will rank pari passu with the bank's unsecured and unsubordinated obligations.

Moody’s said the Baa1 rating was driven by the bank's baseline credit assessment of ba1, plus three notches of uplift to reflect the assessment of very high probability of systemic support from the government of Malaysia based on the bank's entrenched, sizeable market share and relative importance to the banking system.

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