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Public Bank and PBFIN redeem Stapled Securities Programme

Published on 24 Feb 2020.

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RAM Ratings has received confirmation that Public Bank Berhad (the Bank) and PBFIN Berhad (PBFIN) fully redeemed and cancelled their respective RM5.0 bil Non-Cumulative Perpetual Capital Securities and RM5.0 bil Subordinated Notes under their Non-Innovative Tier-1 Stapled Securities Programme (2009/2066) on 9 December 2019. PBFIN is the Bank’s funding conduit. As such, we have withdrawn the AA2/Stable ratings of both facilities and no longer have any rating obligation on them.  

We will, however, maintain surveillance of Public Bank’s AAA/Stable/P1 financial institution ratings and the ratings of the Bank’s following facilities:

Programme

Rating

  1. RM20 bil Senior MTN Programme (2013/2043)

 

  1. RM10 bil Subordinated MTN Programme (2013/2043)

 

  1. RM10 bil Additional Tier-1 Capital Securities Programme (2018/-)

AAA/Stable

 

AA1/Stable

 

AA3/Stable

 

Analytical contact
Ann Kimberly Lee 
(603) 3385 2533
annkimberly@ram.com.my

Media contact
Padthma Subbiah
(603) 3385 2577
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 2020 by RAM Rating Services Berhad



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