RAM Ratings withdraws Hong Leong Islamic’s issue rating after full redemption

Transcription

1. Media Release RAM Ratings withdraws Hong Leong Islamic ’s issue rating after full redemption RAM Ratings no longer has any rating obligation in respect of Hong Leong Islamic Bank Berhad’s Subordinated Sukuk Ijarah Programme of up to RM1.0 billion (2014/2024), following the full redemption on 17 June 2019 and cancellation of the facility. We have accordingly withdrawn the AA1/Stable rating of the programme. However, we will maintain surveillance of the Bank’s AAA/Stable/P1 financial institution ratings and the ratings of its following debt issues: Instrument Multi-Currency Tier-2 Subordinated Sukuk Murabahah and Additional Tier-1 Sukuk Wakalah of up to RM2.0 billion (2017/2117) i. Tier-2 Subordinated Sukuk Murabahah ii. Additional Tier-1 Sukuk Wakalah Long-term rating i. AA2 ii. A1 Rating outlook Stable Stable Analytical contact Liang Huey Jean, CFA (603) 3385 2495 jean@ram.com.my Media contact Padthma Subbiah (603) 3385 2577 padthma@ram.com.my Date of release: 18 July 2019 The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations. RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM
2. Ratings ’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications. Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant. Published by RAM Rating Services Berhad © Copyright 2019 by RAM Rating Services Berhad