MARC assigns preliminary rating of AAAIS to Agrobank's proposed RM1.0 billion Islamic medium-term notes programme
press release
MARC assigns preliminary rating of AAAIS to Agrobank's proposed RM1.0 billion Islamic medium-term notes programme
12 Aug 2021 | Thursday source: MARC
MARC has assigned its financial institution (FI) rating of AAA to Bank Pertanian Malaysia Berhad (Agrobank). Concurrently, the rating agency has assigned a preliminary rating of AAAIS to the bank's proposed RM1.0 billion Islamic Medium-Term Notes Programme (IMTN Programme). The ratings outlook is stable.
The FI rating reflect Agrobank's status as a wholly government-owned development financial institution (DFI) to which government support has continued to be forthcoming, by way of government grants and financing scheme funds at favourable rates, as well as deposits from government entities. Agrobank is mandated to chart the growth and development of Malaysia's agriculture sector. The DFI is also regulated by Bank Negara Malaysia (BNM), and its financing activities are guided by policies set by the Ministry of Agriculture and Food Industries.
