S&P affirms CIMB

Standard & Poor's said it affirmed the counterparty credit ratings on Bumiputra-Commerce Holdings Bhd. (BBB-/A-3), CIMB Bank Bhd. (BBB+/A-2) and CIMB Investment Bank Bhd. (BBB/A-2).

The outlook is stable. Ratings were removed from CreditWatch, where they were placed with negative implications on June 25 following the bid to buy a 42% stake in BankThai.

S&P said that while the acquisition of BankThai benefits the group's business profile by providing geographic diversification, the acquisition would also expose CIMB Bank to heightened risks from its increased presence in a relatively more difficult operating environment.

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