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Bank Lippo Upgraded To 'BB-'; Ratings On CIMB Group Entities Affirmed On Merger Plan Jun 08
Standard & Poors, June 2008
Abstract
SINGAPORE (Standard & Poor's) June 4, 2008--Standard & Poor's Ratings Services said today that it had raised its counterparty credit ratings on PT Lippo Bank Tbk (Bank Lippo) to 'BB-/B' from 'B+/B'. At the same time, Standard & Poor's affirmed its 'BBB-/A-3' counterparty credit ratings on Bumiputra-Commerce Holdings Bhd (BCHB), 'BBB+/A-2' on CIMB Bank Bhd (CIMB Bank) and 'BBB/A-2' on CIMB Investment Bank Bhd (CIMB IB) following the announcement that the group is to pursue a plan by the Malaysian government's investment holding company, Khazanah Nasional Bhd (not rated), to merge PT Bank Niaga and PT Bank Lippo. The outlook on the ratings is stable. 'The upgrade takes into account Bank Lippo's expected post-merger status as a strategically important entity...
Companies mentioned in this report are: PT Bank CIMB Niaga Tbk. (Unsolicited Ratings),CIMB Bank Bhd.,CIMB Investment Bank Bhd.,CIMB Group Holding Bhd.
Action: Affirmed
Action: Outlook: Stable
Action: Upgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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