S&P cuts Maybank outlook to stable

Standard & Poor's said it revised the outlook on its counterparty credit ratings on Malayan Banking Bhd. (Maybank) and Public Bank Bhd. to stable from positive.

At the same time, S&P said it affirmed the banks' counterparty credit ratings at A-/A-2.

The agency noted that the action followed a similar revision on the outlook for the foreign currency sovereign credit rating on Malaysia (foreign currency A-/stable/A-2, local currency A+/stable/A-1).

S&P said it continues to believe that the banks are systemically important for Malaysia and hence their ratings qualify for a one-notch uplift.

However, the current credit ratings on the banks do not incorporate this factor and reflect their standalone credit profiles, the agency said.

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