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Bulletin: CIMB Group Ratings Unaffected By Acquisition Of Stake In China?s Bank of Yingkou Mar 08
Standard & Poors, March 2008
Abstract
SINGAPORE (Standard & Poor's) March 19, 2008--Standard & Poor's Ratings Services said today that its ratings and outlook on Malaysia's CIMB Group entities are not affected by the announcement that CIMB Group Sdn. Bhd. (CIMB; unrated) is buying a 19.99% stake in China's Bank of Yingkou Co. Ltd. for Malaysian ringgit (MYR) 156.2 million cash. This is because the consideration and the immediate business impact of the acquisition are insignificant for CIMB Group. Standard & Poor's rates three key entities in CIMB Group: Bumiputra-Commerce Holdings Bhd. (BCHB; BBB-/Stable/A-3), CIMB Bank Bhd. (CIMB Bank; BBB+/Stable/A-2) and CIMB Investment Bank Bhd. (CIMB IB; BBB/Stable/A-2). CIMB is a wholly owned subsidiary of BCHB and in turn owns CIMB Bank and CIMB IB. Bank...
Companies mentioned in this report are: CIMB Group Holding Bhd.,CIMB Bank Bhd.,CIMB Investment Bank Bhd.
Action: Bulletin
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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