RAM Ratings withdraws rating of Bank Rakyat’s RM9 bil IMTN Programme following early termination

Published on 10 Jan 2023.

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RAM Ratings has received confirmation that Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat or the Bank) terminated its RM9 billion Islamic Medium-Term Notes (IMTN) Programme (2013/2023) on 30 December 2022. The programme was established under the Bank’s funding conduit, Imtiaz Sukuk II Berhad. 

We have accordingly withdrawn the AA2(s)/Stable rating of the facility and no longer have any rating obligation in respect of it. We will maintain surveillance of Bank Rakyat’s AA2/Stable/P1 financial institution ratings as well as the ratings of the Bank’s following debt programmes:

Table 1: Bank Rakyat’s issue ratings



Imtiaz Sukuk II Berhad

RM10 billion Sukuk Wakalah Programme (2020/2050)


Mumtaz Rakyat Sukuk Berhad

RM5 billion Subordinated Sukuk Murabahah Programme (2016/2036)



Analytical contacts
Amy Lo 
(603) 3385 2509

Wong Yin Ching, CFA 
(603) 3385 2555


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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Ratings on Imtiaz Sukuk II Berhad