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RAM Ratings withdraws Danajamin’s insurer financial strength ratings
Published on 22 Mar 2023.
RAM Ratings has withdrawn Danajamin Nasional Berhad’s (the Company) AAA/Stable/P1 insurer financial strength ratings. This follows the completion of the legal process of transferring the Company’s businesses and undertakings to Bank Pembangunan Malaysia Berhad (BPMB, rated AAA/Stable/P1), effective 1 March 2023.
The following RAM-rated Danajamin-guaranteed bonds/sukuk will now reflect the bank guarantee extended by BPMB:
* Apart from BPMB as guarantor, this programme’s ratings are also anchored by unconditional and irrevocable guarantees from
Malayan Banking Berhad (AAA/Stable/P1) and OCBC Bank (Malaysia) Berhad (AAA/Stable/P1) on a proportionate basis.
Analytical contacts
Chan Yin Huei
(603) 3385 2298
yinhuei@ram.com.my
Wong Yin Ching, CFA
(603) 3385 2555
yinching@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
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