Fitch: Maybank outlook positive

Fitch Ratings said it has revised the outlook on Malayan Banking's long-term foreign currency rating of BBB+ to positive from stable.

In line with Fitch's ratings methodology, this follows the agency's recent revision of the outlook on the Malaysian sovereign's long-term foreign currency rating of BBB+ to positive from stable. The outlook on Maybank's long-term local currency A- rating and BBB+ rating for subordinated notes due 2012 remains stable. The banks' other ratings are individual B/C and support 2.

Maybank is Malaysia's largest bank with 21% of systemwide assets and circa 60% indirectly government-owned.

Fitch said the long-term and individual ratings reflect Maybank as a historically prudent and operationally well-developed bank; its balance sheet is sound and its profitability good.

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