Moody’s assigns A3 to Maybank upcoming Samurai bonds

KUALA LUMPUR: Moody's Investors Service has assigned an A3 long-term foreign currency senior unsecured debt rating to Malayan Banking Bhd's upcoming Samurai bonds.

The international ratings agency said on Tuesday the exact amount, tenor and coupon of the bonds are yet to be determined by the issuer. 

“The rating was assigned on the condition that no material changes are made to the draft terms and conditions of the notes reviewed by Moody's,” it said.

Moody’s said the rating outlook was positive.

It said the A3 rating was in line with Maybank's A3 foreign currency deposit rating.

The Samurai bonds will constitute an unconditional, unsubordinated and unsecured obligation of Maybank, and will rank pari-passu with Maybank's other senior unsecured obligations.

Moody’s said a potential upgrade of the Malaysia A3 sovereign rating would likely lead to an upgrade of Maybank's A3 foreign currency deposit and senior debt ratings, assuming the bank's standalone credit metrics remain robust.

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