Fitch lowers Mexim, Maybank view to negative

Fitch Ratings said it revised the outlook on Export Import Bank of Malaysia Bhd. (Mexim) and Malayan Banking Bhd. (Maybank) to negative from stable.

Mexim's long-term foreign-currency issuer default rating also was affirmed at A-, along with its A- rating on its senior unsecured notes.

Maybank's long-term foreign-currency issuer default rating was affirmed at A-, long-term local-currency issuer default rating at A-, long-term deposits rating at A, senior unsecured notes rating at A-, subordinated tier 2 notes at BBB+ and hybrid tier 1 notes at BB+.

The actions follow the revision of Malaysia's outlook to negative from stable and affirmations of the country's ratings.

Mexim's ratings are underpinned by expectations of very strong extraordinary state support, in the event of need, Fitch said.

Maybank's ratings continue to reflect its strong domestic franchise and reasonable credit fundamentals, as evidenced by its well-capitalized position and sound performance, the agency said.

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