The ratings agency said on Friday that the bank had confirmed the investigation on Thursday and stated it was extending full co-operation to the authorities.
Sabah Development Bank’s business operations will continue as normal.
“We will reassess the ratings when more concrete information becomes available.
“Sabah Development Bank’s ratings incorporate a strong degree of support from the Sabah State Government.
“The bank’s RM1bil MTN Programme (2008/2028) carries an AA1 rating while its various CP/MTN programmes are rated AA1 and P1, respectively. All the long-term ratings have a stable outlook,” said RAM Ratings.