Moody's rates Public Bank notes Baa1

Moody's said it has assigned a Baa1 rating to Public Bank Bhd.'s proposed subordinated notes of up to $400 million due 2017. The outlook is stable.

The agency said the rating reflects the notes' subordination to senior bank obligations and the bank's good financial fundamentals.

The proposed issue, with a step-up fixed interest rate feature, will be due in 2017 and callable in 2012, Moody's said.

The bank's other rankings include a long-term deposit rating of A3, short-term deposit rating of Prime-1, bank financial strength rating of C and subordinated debt due 2014 of Baa1.

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