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Press Release
13 Apr | Friday
RAM Ratings withdraws AA 1 /stable ratings of MBSB’s respective Structured Covered Sukuk tranches

RAM Ratings has received confirmation that Malaysia Building Society Berhad (MBSB) has cancelled its Tranche 1, Tranche 2, Tranche 3 and Tranche 4 Structured Covered Sukuk (collectively the MBSB Structured Covered Sukuk). Consequently, we no longer have any rating obligation in respect of the sukuk facilities, and have withdrawn the AA 1 /stable ratings of the MBSB Structured Covered Sukuk.

This follows the successful exchange of the abovementioned sukuk with Structured Covered Sukuk issued by MBSB Bank Berhad (MBSB Bank or the Bank, formerly known as Asian Finance Bank Berhad) on 2 April 2018, as part of a transfer exercise to facilitate the merger between MBSB and the Bank. The Structured Covered Sukuk issued by MBSB Bank were assigned ratings of AA 1 with a stable outlook on 30 March 2018. For more information, please refer to our press release on the same date on the assignment of ratings to MBSB Bank’s Structured Covered Sukuk.

Analytical contact
Chin Jin Han
(603) 7628 1168
jinhan@ram.com.my

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

Date of release: 10 April 2018

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 2018 by RAM Rating Services Berhad’s

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