RAM Ratings Reaffirms Public Islamic Bank’s AAA Financial Institution and Sukuk Ratings; Outlook Stable

RAM Ratings (RAM) has reaffirmed Public Islamic Bank’s (PIB) financial institution ratings as AAA/P1 with a Stable Outlook. In addition, PIB’s senior and subordinated Sukuk under its MYR 5 billion Sukuk Murabahah Programme (2014/2044) have been reaffirmed as AAA/Stable and AA1/Stable, respectively by RAM.

RAM stated that the ratings reflect PIB’s strategic role as the Islamic banking arm of its parent, Public Bank Group (Group, rated AAA/Stable/P1), and as such, support is expected from the Group if the need arises. According to RAM, the Group should be able to cope with the unexpected economic challenges brought about by the COVID-19 pandemic, given the Group’s strong resilience to past credit do...