S&P rates Maybank notes A-

Standard & Poor's said it assigned an A- long-term foreign-currency issue rating to HK$600 million fixed-rate senior unsecured notes by Malayan Banking Bhd. (Maybank)

The agency also assigned a cnAA Greater China credit scale rating to the notes.

The issue will be a drawdown under the bank's $5 billion multicurrency medium-term note program.

The 10-year fixed-rate notes will constitute direct, unconditional, unsubordinated and unsecured obligations of Maybank, S&P said.

The notes will rank equal with the bank's other unsecured and unsubordinated obligations and without any preference among themselves, the agency said.

The proceeds will be used for working capital, general banking and other corporate purposes, S&P said.

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