S&P rates Maybank notes BBB+

Standard & Poor's said it assigned a BBB+ rating to the proposed lower tier-2 subordinated notes under the medium-term notes program by Malayan Banking Bhd. (Maybank).

These proposed notes are callable in 2016 and will initially bear a fixed interest rate.

The notes will constitute direct, unconditional and subordinated obligations of Maybank, S&P said.

The notes will rank senior to all share capital of Maybank, tier-1 capital securities and upper tier-2 capital securities. The notes will rank pari passu with all other lower tier-2 capital subordinated debt issued by the bank.

The differential between the rating on the proposed notes and the A- counterparty credit rating on Maybank reflects the subordinated nature of the notes, S&P 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.