RAM Ratings withdraws ratings of RHB Bank’s RM3 billion Medium-Term Note Programme following early termination

Published on 23 Feb 2022.

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RAM Ratings has received confirmation that RHB Bank Berhad (the Group) had terminated its RM3 billion Multi-Currency Medium-Term Note Programme (2011/2031) on 18 February 2022. As such, we have withdrawn the respective AA2 and AA3 ratings of the senior and subordinated notes under the programme and no longer have any rating obligation in respect of the facility. RAM last reaffirmed the ratings on 17 December 2021 and raised the outlook to positive from stable. 

We will maintain surveillance of RHB Bank’s AA2/Positive/P1 financial institution ratings as well as the ratings of the Group’s following debt programmes:

Table 1: RHB Bank’s ratings



RHB Bank Berhad

  1. RM5 billion Multi-Currency Medium-Term Note Programme (2015/2045)
  • Senior Notes
  • Subordinated Notes
  1. RM10 billion Multi-Currency Islamic Medium-Term Note Programme (2020/-)






Analytical contacts
Tan Shu Xuan
(603) 3385 2497

Sophia Lee
(603) 3385 2619


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 2022 by RAM Rating Services Berhad

Ratings on RHB Bank Berhad