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Bumiputra-Commerce Holdings On Watch Negative; Bumiputra-Commerce Bank Outlook Revised To Dev Mar 06
Standard & Poors, March 2006
Abstract
SINGAPORE (Standard & Poor's) March 16, 2006--Standard & Poor's Ratings Services today placed its 'BBB-/A-3' counterparty credit ratings on Malaysia's Bumiputra-Commerce Holdings Bhd. (BCHB) on CreditWatch with negative implications, following BCHB's announcement that it will acquire Southern Bank Bhd. (BBpi). At the same time, Standard & Poor's revised its outlook on the 'BBB+/A-2' rating on Bumiputra-Commerce Bank Bhd. to developing from stable. Bumiputra-Commerce Bank has a bank fundamental strength rating of 'C+'. BCHB is the holding company of Bumiputra-Commerce Bank, Malaysia's third-largest commercial bank, and Commerce International Merchant Bankers Bhd. (CIMB; BBB/Stable/A-2). On March 15, 2006, BCHB said it is acquiring Southern Bank, Malaysia's eighth-largest bank. The acquisition will be satisfied via cash or a combination of cash and redeemable...
Companies mentioned in this report are: CIMB Group Holding Bhd.,CIMB Bank Bhd.,Southern Bank Berhad,CIMB Investment Bank Bhd.
Action: Outlook: Developing
Action: On CreditWatch:Negative
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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