Maybank discontinues Fitch’s rating services

KUALA LUMPUR: Malayan Banking Bhd has discontinued the bank’s rating services by Fitch Ratings as part of the banking group’s overall effort to streamline rating assessments by rating agencies.

A Maybank spokesman said on Monday the bank continues to be rated by international and domestic rating agencies, namely Moody’s Investor Services, Standard & Poor’s (S&P) as well as RAM Rating Services Bhd.

It was responding to a statement by Fitch on its plans to withdraw the ratings on Maybank and international ratings on PT Bank Maybank Indonesia Tbk on or about, Sept 23, that is approximately 30 days from the date of this release for commercial reasons.

Fitch currently maintains international ratings on Maybank and Maybank Indonesia as follows:

Malayan Banking Bhd

- Long-Term Foreign-Currency Issuer Default Rating 'BBB+'; Outlook Stable

- Short-Term Issuer Default Rating ‘F2’

- Long-Term Local-Currency Issuer Default Rating ‘BBB+’; Outlook Stable

- Viability Rating ‘bbb+’

- Support Rating ‘2’

- Support Rating Floor ‘BBB’

Issue ratings

US$15 billion multicurrency medium-term note programme: ‘BBB+’

HK$701 million senior unsecured note due 18 January 2023: ‘BBB+’

US$100 million senior unsecured note due 19 March 2023: ‘BBB+’

JPY10 billion senior unsecured note due 22 December 2026: ‘BBB+’

US$45 million senior unsecured note due 18 June 2029: ‘BBB+’

PT Bank Maybank Indonesia Tbk

- Long-Term Foreign-Currency Issuer Default Rating 'BBB'; Outlook Stable

- Short-Term Issuer Default Rating ‘F2’

- Viability Rating ‘bb’

- Support Rating ‘2’

In the statement, Fitch said it reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient.

“Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the withdrawal of the ratings on Maybank and Maybank Indonesia.

“Ratings are subject to analytical review and may change up to the time Fitch withdraws the ratings,” it said.

Fitch's last rating action for Maybank was on Dec 15 last year and that for Maybank Indonesia was on Feb 10 this year.