RAM Assigns AA2(s) Rating to Bank Rakyat’s Proposed MYR 10 Billion Sukuk, Reaffirms Current Ratings

RAM Ratings (RAM) has assigned an AA2(s)/Stable rating to Bank Kerjasama Rakyat Malaysia’s (Bank Rakyat or the Bank) proposed MYR 10 billion Sukuk Wakalah Programme (2020/2050), that has been issued through Imtiaz Sukuk II, the Bank’s funding conduit.

At the same time, RAM has reaffirmed Bank Rakyat’s financial institution ratings (FIRs) at AA2/Stable/P1, as well as the ratings of the Bank’s Sukuk issued through its funding conduits. Imtiaz Sukuk II’s MYR 9 billion Islamic medium-term notes and Islamic CP Programme (2013/2023) have been reaffirmed at AA2(s)/Stable/P1(s), while Mumtaz Rakyat Sukuk’s MYR 5 billion Subordinated Sukuk Murabahah Programme (2016/2036) has been reaffirmed a...