Moody's ups CIMB Bank

Moody's Investors Service said it upgraded CIMB Bank Bhd.'s baseline credit assessment to Baa2 from Baa3.

The outlook also was revised to stable from positive.

The bank's foreign-currency long-term and short-term deposit and issuer ratings of A3 and prime-1 remain unchanged, along with its foreign-currency senior unsecured medium-term note program rating of provisional A3 remain unchanged.

The outlook is stable.

Moody's also said it upgraded its local-currency and foreign-currency long-term and short-term issuer ratings of CIMB Investment Bank Bhd. to A3/prime-1 from Baa1/prime-2.

The outlook is stable.

The agency also said it upgraded the rating on non-cumulative guaranteed preference shares issued by SBB Capital Corp. to Ba2(hyb) from Ba3(hyb).

The upgrades reflect the bank's continued ability to maintain sound financials, deliver on its strategic objectives and reduce its risk profile, Moody's said.

The stable outlook considers the challenges CIMB Bank faces in further improving its funding costs and asset quality in light of intense competition among banks domestically, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.