S&P rates AmBank

Standard & Poor's said it assigned its BBB- long-term and A-3 short-term counterparty credit ratings to AmBank (M) Bhd.

The outlook is stable.

The agency also said it assigned a bank fundamental strength rating of C on the bank and BB issue rating to the proposed preference shares issue of a minimum of $150 million by AMBB Capital (L) Ltd., a wholly owned subsidiary.

S&P noted the ratings on AmBank reflect its leading position in the domestic retail segment, particularly in the hire purchase market and its improving financial profile in key areas of asset quality and profitability.

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