RAM Ratings withdraws rating of Maybank’s RM3.0 billion Subordinated Notes Programme

Published on 09 Jan 2019.

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RAM Ratings has received confirmation that Malayan Banking Berhad (Maybank or the Group) had fully redeemed all outstanding notes under its RM3.0 billion Subordinated Notes Programme (2011/2031) on 28 December 2018 and had thereafter cancelled the said programme on 8 January 2019. Consequently, we have withdrawn the AA1/Stable rating of the programme and no longer have any rating obligation in respect of the facility. However, we will maintain surveillance of Maybank’s respective seaAAA/Stable/seaP1 and AAA/Stable/P1 financial institution ratings on the ASEAN and Malaysia national scales as well as the ratings of the Group’s following debt issues:



RM20.0 billion Subordinated Note Programme (2012/2112)


RM10.0 billion Additional Tier-1 Capital Securities Programme (2014/2114)


RM10.0 billion Senior and Subordinated Sukuk Murabahah Programme (2017/2117)

- Senior

- Subordinated




RM10.0 billion Commercial Paper/Medium Term Note Programme (2016/2023)



Analytical contact
Chan Yin Huei
(603) 7628 1180

Media contact
Padthma Subbiah
(603) 7628 1162


The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
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