RAM Reaffirms Public Islamic Bank’s AAA Ratings and MYR 5 Billion Sukuk Murabahah Programme Ratings  

RAM Ratings (RAM) has reaffirmed the AAA/Stable/P1 financial institution ratings of Public Islamic Bank (Public Islamic). Concurrently, RAM has reaffirmed the respective AAA/Stable and AA1/Stable ratings of senior and subordinated Sukuk under Public Islamic’s Sukuk Murabahah Programme of up to MYR 5 billion. Public Islamic is the core subsidiary of Public Bank (the Group), whose ratings were also reaffirmed at AAA/Stable/P1 by RAM.

Ratings Rationale

The one-notch rating differential between Public Islamic’s AAA long-term financial institution rating and the rating of its subordinated Sukuk reflects the subordination of the securities to Public Islamic’s senior unsecured obligations. Public Islamic’s financial institution ratin...