Home › Business › Business News
Friday, 27 September 2013
KUALA LUMPUR: RAM Ratings has assigned a gA2(s) global rating to Export-Import Bank of Malaysia’s US$1bil multi-currency Sukuk programme.
Below is the statement issued by RAM Rating Services Bhd on Friday:
RAM Ratings has assigned a long-term gA2(s)/stable/- global-scale rating to EXIM Sukuk Malaysia Bhd’s (EXIM Sukuk) US$1bil multi-currency Sukuk Programme.
EXIM Sukuk is a trust-owned funding conduit set up by the Export-Import Bank of Malaysia Bhd (MEXIM or the Bank).
The rating assigned to the securities issued under the Programme reflects the investors’ recourse to MEXIM, recognised through a purchase undertaking between the Bank and EXIM Sukuk.
MEXIM’s payment obligations under the purchase undertaking rank at least on par with its other unsecured, unsubordinated and general obligations.
“EXIM Sukuk’s Multi-currency Sukuk Programme has the distinction of having been assigned RAM’s first global-scale issue rating,” observes Foo Su Yin, RAM Ratings’ CEO.
“The rating is a reflection of MEXIM’s credit profile and is premised on the bank’s strategic and important developmental mandate, as well as the proven solid support from the Malaysian Government, which is also the bank’s shareholder,” she adds.
RAM has also reaffirmed MEXIM’s global-scale, ASEAN-scale and national-scale financial institution ratings at gA2/stable/gP1, seaAAA/stable/seaP1 and AAA/stable/P1, respectively.
MEXIM is a development financial institution that has been mandated by the Government of Malaysia to promote the country’s external trade and facilitate the diversification of its export markets.
Underscored by its developmental mandate and government ownership, the bank has benefited from government support through a sizeable recapitalisation exercise (in 2008), loans at preferential rates and compensation for impaired-loan facilities.
Microsoft stock punished as concerns multiply
Strong console sales boosts demand for Electronic Arts games
Yahoo sets Alibaba stake spinoff plan, shares jump
Sony to cut 1,000 jobs in smartphone business: sources
Plenty of great fun and adventure pursuits in Adelaide
Healthy living in the heart of Ampang
Look the best that you can for yourself
Angry mayor hits out at staff
Two Israeli soldiers, U.N. peacekeeper killed in Israel-Hezbollah violence
Copyright © 1995-2015 Star Publications (M) Bhd (Co No 10894-D)