S&P boosts Maybank, Public Bank outlooks to positive

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

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

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

It reflects the banks' systemic importance in the Malaysian banking system such that their ratings qualify for a one-notch uplift and hence move with the sovereign foreign currency rating, the agency noted.

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