RAM: Bank Muamalat’s A2 Financial Institution and A3 Sukuk Ratings Reaffirmed; Outlook Stable

RAM Rating Services (RAM) has reaffirmed Bank Muamalat Malaysia’s (BMMB or the Bank) financial institution ratings as A2/P1 with a Stable Outlook. In addition, BMMB’s MYR 1 billion subordinated Sukuk Murabahah Programme (2016/2036) has been reaffirmed as A3/Stable by RAM.

The financial institution ratings are based on BMMB’s robust capitalisation, which provides a strong buffer against a foreseen increase in defaults arising from the COVID-19 pandemic, despite the financial relief provided to affected borrowers. The difference in ratings between the financial institution and the Sukuk reflect the subordination of the facility to BMMB’s senior unsecured obligations, according to RAM.

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