RAM Reaffirms Ratings of MNRB’s Sukuk Murabahah Programme and Malaysian Reinsurance’s IFS and Subordinated MTN

RAM Ratings (RAM) has reaffirmed MNRB Holdings (MNRB or the Group)’s AA3/Stable Rating of Senior Sukuk and A1/Stable Rating of Subordinated Sukuk of its MYR 320 million Sukuk Murabahah Programme (2019/-). In addition, RAM has reaffirmed Malaysian Reinsurance’s (Malaysian Re or the Reinsurer; a wholly-owned primary subsidiary of MNRB) Insurer Financial Strength (IFS) Ratings at AA2/Stable/P1 and its MYR 250 million Subordinated Medium-Term Note Programme (2015/2030) at AA3/Stable.

According to RAM, the one-notch difference between MNRB’s Senior Sukuk AA3 rating and Malaysian Re’s AA2 long-term IFS rating reflects the Group’s structural subordination as a non-operating holding company and its moderate debt load.

RAM’s rating reaffirm...