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RAM Ratings withdraws Hong Leong Bank’s issue rating following full redemption

Published on 02 Jul 2019.

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RAM Ratings has received confirmation that Hong Leong Bank Berhad had fully redeemed and cancelled its RM1.5 billion Nominal Value Subordinated Notes on 24 June 2019. Consequently, RAM no longer has any rating obligation in respect of the said facility and has withdrawn the AA1/Stable rating accorded to it. However, we will maintain surveillance of Hong Leong Bank’s AAA/Stable/P1 financial institution ratings and the ratings of the Bank’s following debt issues:

Instrument

Long-term rating

Rating outlook

RM1.0 billion Innovative Tier-1 Capital Securities Issuance Programme (2009/2069)

AA2

Stable

RM10.0 billion Multi-currency Subordinated Notes Programme (2014/2044)

AA1

Stable

RM10.0 billion Multi-currency Additional Tier-1 Capital Securities Programme (2017/2117)

A1

Stable

 

Analytical contact
Chew Wei Li 
(603) 7628 1025
weili@ram.com.my

Media contact
Padthma Subbiah
(603) 7628 1162
padthma@ram.com.my

 

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
© Copyright 2019 by RAM Rating Services Berhad



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