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Moody's downgrades 4 Malaysia banks
Moody's Investors Service said it downgraded the ratings on the hybrid tier 1 capital securities of four Malaysian banks, in line with revised guidelines on bank hybrids and subordinated debt.
The affected banks are AmBank Bhd and its subsidiary AMBB Capital Ltd., CIMB Bank Bhd and its subsidiary SBB Capital Corp., Malayan Banking Bhd and Public Bank Bhd.
This concludes Moody's reviews for possible downgrade that began in November 2009.
Prior to the global financial crisis, Moody's said it incorporated an assumption that support provided by governments and central banks would benefit subordinated debt holders and senior creditors. But in many cases, systemic support for these instruments has not been forthcoming, the agency said.
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