KUALA LUMPUR: Moody's Investors Service upgraded CIMB Bank Bhd's bank financial strength rating (BFSR) to C- from D+, and which maps to a baseline credit assessment (BCA) of Baa2 from Baa3.
The ratings agency said on Thursday, Aug 25 it had also changed the rating outlook to stable from positive.
'CIMB Bank's foreign currency long-term/short-term deposit and issuer ratings of A3/P-1 and foreign currency senior unsecured MTN programme rating of (P)A3 remain unchanged. The outlook is stable,' it said.
Moody's also said it upgraded the local currency and foreign currency long-term/short-term issuer ratings of CIMB Investment Bank Bhd to A3/P-1 from Baa1/P-2. The outlook is stable.
It also upgraded the rating on non-cumulative guaranteed preference shares issued by a CIMB Bank subsidiary, SBB Capital Corporation (SBB),'' to Ba2(hyb) from Ba3(hyb). The outlook is stable.
As for PT Bank CIMB Niaga (CIMB-Niaga),'' Moody's'' had affirmed the local currency long-term/short-term deposit ratings of Baa3/P-3;'' foreign currency long-term/ short-term deposit ratings of Ba2/NP and foreign currency long-term issuer and subordinated debt ratings of Ba1.
Moody's said the outlook on all these ratings was stable.
The rating agency said the upgrade of CIMB Bank's BFSR reflects the bank's continued ability to maintain sound financials, deliver on its strategic objectives, and reduce its risk profile.
The stable outlook on the BFSR following the upgrade had also considered the challenges CIMB Bank faced in further improving its funding costs and asset quality significantly in light of intense competition among banks domestically and renewed volatility in the global economy.
The ratings agency said on Thursday, Aug 25 it had also changed the rating outlook to stable from positive.
'CIMB Bank's foreign currency long-term/short-term deposit and issuer ratings of A3/P-1 and foreign currency senior unsecured MTN programme rating of (P)A3 remain unchanged. The outlook is stable,' it said.
Moody's also said it upgraded the local currency and foreign currency long-term/short-term issuer ratings of CIMB Investment Bank Bhd to A3/P-1 from Baa1/P-2. The outlook is stable.
It also upgraded the rating on non-cumulative guaranteed preference shares issued by a CIMB Bank subsidiary, SBB Capital Corporation (SBB),'' to Ba2(hyb) from Ba3(hyb). The outlook is stable.
As for PT Bank CIMB Niaga (CIMB-Niaga),'' Moody's'' had affirmed the local currency long-term/short-term deposit ratings of Baa3/P-3;'' foreign currency long-term/ short-term deposit ratings of Ba2/NP and foreign currency long-term issuer and subordinated debt ratings of Ba1.
Moody's said the outlook on all these ratings was stable.
The rating agency said the upgrade of CIMB Bank's BFSR reflects the bank's continued ability to maintain sound financials, deliver on its strategic objectives, and reduce its risk profile.
The stable outlook on the BFSR following the upgrade had also considered the challenges CIMB Bank faced in further improving its funding costs and asset quality significantly in light of intense competition among banks domestically and renewed volatility in the global economy.
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