Moody's rates CIMB Bank notes A3

Moody's Investors Service said it assigned an A3 senior unsecured debt rating to CIMB Bank Bhd.'s proposed Hong Kong dollar-denominated fixed-rate notes issued by its Hong Kong branch, under the bank's $5 billion euro medium-term note program.

The outlook is stable.

Moody's also said it assigned a provisional A3 long-term foreign-currency senior unsecured medium-term notes rating issued under the program.

The agency also said it assigned local- and foreign-currency counterparty risk ratings of A3/prime-2, along with counterparty risk assessments of A3(cr)/prime-2(cr) to CIMB Bank Bhd., Hong Kong branch.

The Hong Kong dollar notes constitute the direct, unconditional, unsubordinated and unsecured obligations of the issuer, Moody's said.

As such, they will rank pari passu with the issuer's existing and future unsecured and unsubordinated obligations, the agency said.

The notes will be redeemable at principal on maturity, Moody's said.

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