Home > Archives
Wednesday August 15, 2012
PETALING JAYA: Malaysian Rating Corp Bhd (MARC) has confirmed its AA+IS/stable rating on CIMB Islamic Bank Bhd’s RM2bil Tier-2 junior sukuk programme in connection with the bank’s issuance of its third tranche sukuk under the programme.
In a statement, MARC said the programme rating was one notch below that of the bank’s financial institution (FI) rating of AAA. The sukuk qualifies as supplementary capital under Malaysia’s existing regulatory capital rules.
MARC had also confirmed that the bank’s FI and sukuk ratings and outlook remained unchanged as the financial metrics of the bank and its parent CIMB Bank Bhd, to which CIMB Islamic’s rating was aligned, remained in line with the rating agency’s expectations for the current rating category.
The ratings continued to be substantially underpinned by the strength of CIMB Bank’s domestic banking franchise and stable asset quality, coupled with a track record of continuous growth in earnings and strong capitalisation.
MARC said it intended to conduct its full yearly review of CIMB Islamic’s and CIMB Bank’s ratings by the end of the fourth quarter.
Copyright © 1995-2013 Star Publications (M) Bhd (Co No 10894-D)