Research Update: CIMB Group Ratings Off Watch Negative And Affirmed; Outlooks Stable Sep 08
Standard & Poors, September 2008
Abstract
On Sept. 10, 2008, Standard & Poor's Ratings Services affirmed the counterparty credit ratings on Bumiputra-Commerce Holdings Bhd. (BBB-/A-3), CIMB Bank Bhd. (BBB+/A-2) and CIMB Investment Bank Bhd. (BBB/A-2). The outlooks on the ratings are stable. At the same time, Standard & Poor's removed the ratings from CreditWatch, where they were placed with negative implications on June 25, 2008. The removal from CreditWatch follows CIMB Bank's announcement that it will issue up to Malaysia ringgit (MYR) 2 billion of tier-one capital, and also issue about MYR700 million of perpetual preference shares to partially offset an intended redemption of MYR1.3 billion of redeemable preference shares. Standard & Poor's expects that these developments, together with other planned actions by the CIMB Group,...
Companies mentioned in this report are: CIMB Bank Bhd.,CIMB Investment Bank Bhd.,CIMB Group Holding Bhd.
Action: Affirmed
Action: Outlook: Stable
Action: Removed From CreditWatch
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
CIMB Bank Bhd.,CIMB Investment Bank Bhd.,CIMB Group Holding Bhd.
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