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Rating Action:

Moody's assigns Counterparty Risk Ratings to eight Malaysian banks and their branches

01 Aug 2018

Singapore, August 01, 2018 -- Moody's Investors Service has today assigned Counterparty Risk Ratings (CRRs) to eight rated Malaysian banks and their branches, as applicable.

The eight Malaysian banks comprise: 1) CIMB Bank Berhad, 2) CIMB Islamic Bank Berhad, 3) HSBC Bank Malaysia Berhad (HSBCM), 4) Hong Leong Bank Berhad, 5) Malayan Banking Berhad (Maybank), 6) Public Bank Berhad, 7) RHB Bank Berhad, and 8) Standard Chartered Bank Malaysia Berhad (SCBM).

Moody's Counterparty Risk Ratings are opinions of the ability of entities to honor the uncollateralized portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honored. CRR liabilities typically relate to transactions with unrelated parties. Examples of CRR liabilities include the uncollateralized portion of payables arising from derivatives transactions and the uncollateralized portion of liabilities under sale and repurchase agreements. CRRs are not applicable to funding commitments or other obligations associated with covered bonds, letters of credit, guarantees, servicer and trustee obligations, and other similar obligations that arise from a bank performing its essential operating functions.

For a full list of assigned CRRs, please refer to the end of this press release.

RATINGS RATIONALE

The CRRs assigned to the eight banks are in line with the Counterparty Risk Assessments (CR Assessments) already assigned to the same banks.

Because Moody's considers that Malaysia (A3 stable) does not have an operational resolution regime, in assigning CRRs to the Malaysian banks subject to this rating action, Moody's applies its basic Loss Given Failure (LGF) approach. Moody's basic LGF analysis positions CRRs in line with the banks' CR Assessments, which are typically one notch above their adjusted Baseline Credit Assessments (BCA), prior to government support.

The CRRs also incorporate zero to one notch of uplift, due to Moody's assessment of government support for the eight banks in times of need, based on the banks' systemic importance in Malaysia. The uplifts are in line with those applied to the CR Assessments.

OUTLOOK

CRRs do not carry outlooks.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

CIMB Bank -- WHAT COULD CHANGE THE RATING UP

Moody's could upgrade CIMB Bank's A3 ratings if Moody's upgrades Malaysia's A3 sovereign rating, and only if the bank's credit metrics remain robust.

Moody's could upgrade CIMB Bank's baa2 BCA, if the bank's robust asset quality and capital improve further or the operating conditions of its key markets improve and support the growth prospects and credit fundamentals of the bank.

CIMB Bank -- WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade CIMB Bank's A3 ratings if Moody's downgrades Malaysia's A3 sovereign rating.

Moody's could downgrade CIMB Bank's BCA if there is: (1) a significant decline in its loss-absorption buffers; (2) a material deterioration in its asset quality and profitability metrics; (3) a continued increase in CIMB Group Holdings Berhad 's (Baa1 stable) leverage levels; and (4) an aggressive credit expansion or acquisitions that lead to significant increases in the bank's risk profile.

CIMB Islamic -- WHAT COULD CHANGE THE RATING UP

Moody's could upgrade CIMB Islamic's A3 ratings if Moody's upgrades Malaysia's A3 sovereign bond rating, and only if the bank's credit metrics remain robust.

Moody's could revise upwards CIMB Islamic's baa2 BCA if: (1) leverage — as represented by a multiple of total assets over equity — declines significantly to below 15x, or (2) the bank's other credit metrics remain robust.

CIMB Islamic -- WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade CIMB Islamic's A3 ratings if Moody's downgrades Malaysia's sovereign bond rating and the following factors occur: (1) CIMB Islamic's credit fundamentals deteriorate to such an extent that Moody's sees CIMB Islamic becoming less strategically important to CIMB Bank; or (2) the bank's standalone credit strength deteriorates and Moody's revises its BCA downward.

HSBCM -- WHAT COULD CHANGE THE RATING UP

HSBCM's ratings incorporate an uplift for affiliate support. Any positive or negative pressure on its parent's a1 adjusted BCA will therefore likely have a similar impact on the bank's own ratings.

Because HSBCM's A3 foreign currency deposit rating is positioned at the same level as Malaysia's A3 sovereign rating, Moody's will not upgrade the rating unless Moody's upgrades the sovereign rating.

Moody's will also not upgrade the bank's A1 local currency deposit rating because the rating is at the same A1 rating level as the local currency deposit ceiling for Malaysia.

HSBCM -- WHAT COULD CHANGE THE RATING DOWN

HSBCM's ratings could be negatively affected by a material weakening in its standalone credit profile, resulting in a multinotch downgrade of its BCA.

Hong Leong Bank -- WHAT COULD CHANGE THE RATING UP

Because Hong Leong Bank's A3 long-term deposit ratings are at the same rating level as Malaysia's A3 sovereign rating, Moody's will not upgrade the bank's ratings unless Moody's upgrades the sovereign rating.

Moody's could upgrade the bank's baa1 BCA if the bank materially improves its asset quality and profitability metrics.

Hong Leong Bank -- WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade Hong Leong Bank's A3 ratings if: (1) Moody's downgrades Malaysia's A3 government rating; or (2) Moody's downgrades the bank's baa1 BCA by multiple notches, due to a significant increase in its problem loans ratio, a material weakening of its capital buffer, and/or a deterioration in its liquidity and funding profiles.

Maybank -- WHAT COULD CHANGE THE RATING UP

Moody's could upgrade Maybank's A3 deposit ratings if Moody's upgrades Malaysia's A3 sovereign rating.

Because Maybank's a3 BCA is at the same rating level as the sovereign rating, Moody's will unlikely raise the bank's BCA in the absence of a sovereign upgrade.

Maybank -- WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade Maybank's BCA of a3 if the bank's asset quality, capital adequacy, profitability, liquidity or funding structure deteriorate materially.

Moody's could also downgrade the BCA if the bank materially increases its exposure to borrowers in countries that Moody's considers riskier than Malaysia. Such countries would typically have a Macro Profile lower than Malaysia's Strong- Macro Profile.

Public Bank -- WHAT COULD CHANGE THE RATING UP

Moody's will upgrade Public Bank's A3 deposit ratings if Moody's upgrades the Malaysian government bond rating, and only if the bank's standalone credit metrics remain robust.

Because the bank's a3 BCA is positioned at the same level as that of the Malaysian government bond rating, Moody's will not raise its BCA in the absence of a sovereign upgrade.

Public Bank -- WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade Public Bank's deposit ratings if: (1) Moody's downgrades Malaysia's sovereign bond rating; or (2) the bank's standalone credit profile deteriorates significantly, resulting in a multinotch downgrade of its BCA.

RHB Bank -- WHAT COULD CHANGE THE RATING UP

Moody's could upgrade RHB Bank's A3 deposit ratings if both the following conditions are met: (1) Moody's upgrades Malaysia's A3 sovereign rating; and (2) the bank demonstrates sustained improvements in its standalone creditworthiness, such as an improved funding profile, a materially lower risk appetite and an improved capital buffer.

RHB Bank -- WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade RHB Bank's ratings and baa2 BCA if Moody's downgrades Malaysia's sovereign rating, and/or the bank's credit quality falls sharply, pushing up materially its impaired loan ratio and decreasing its impaired loan coverage. Additionally, a substantial decrease in the core capital buffer will be negative for the ratings.

SCBM -- WHAT COULD CHANGE THE RATING UP

Moody's could upgrade SCBM's baa2 BCA if the bank's asset quality improves significantly, while other credit fundamentals remain stable.

And, Moody's could upgrade the bank's Baa1 deposit ratings, if Moody's upgrades the baa1 BCA of its parent bank, Standard Chartered Bank (SCB, A1 stable, baa1), leading Moody's to incorporate a higher notching uplift due to affiliate support.

SCBM -- WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade SCBM's BCA and deposit ratings if the bank's asset quality deteriorates materially, leading to a substantial weakening of its loss-absorption buffers.

An erosion of the bank's liquidity position would also be negative for the BCA.

And, Moody's could downgrade the deposit ratings if Moody's downgrades the baa1 Adjusted BCA of SCB.

The following ratings were assigned:

CIMB Bank Berhad

Local currency long-term Counterparty Risk Rating of A3

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of A3

Foreign currency short-term Counterparty Risk Rating of P-2

CIMB Bank Berhad, Labuan Branch

Local currency long-term Counterparty Risk Rating of A3

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of A3

Foreign currency short-term Counterparty Risk Rating of P-2

CIMB Bank Berhad, Singapore Branch

Local currency long-term Counterparty Risk Rating of A3

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of A3

Foreign currency short-term Counterparty Risk Rating of P-2

CIMB Islamic Bank Berhad

Local currency long-term Counterparty Risk Rating of A3

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of A3

Foreign currency short-term Counterparty Risk Rating of P-2

HSBC Bank Malaysia Berhad

Local currency long-term Counterparty Risk Rating of A1

Local currency short-term Counterparty Risk Rating of P-1

Foreign currency long-term Counterparty Risk Rating of A1

Foreign currency short-term Counterparty Risk Rating of P-1

Hong Leong Bank Berhad

Local currency long-term Counterparty Risk Rating of A3

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of A3

Foreign currency short-term Counterparty Risk Rating of P-2

Malayan Banking Berhad

Local currency long-term Counterparty Risk Rating of A2

Local currency short-term Counterparty Risk Rating of P-1

Foreign currency long-term Counterparty Risk Rating of A2

Foreign currency short-term Counterparty Risk Rating of P-1

Malayan Banking Berhad, Hong Kong Branch

Local currency long-term Counterparty Risk Rating of A2

Local currency short-term Counterparty Risk Rating of P-1

Foreign currency long-term Counterparty Risk Rating of A2

Foreign currency short-term Counterparty Risk Rating of P-1

Malayan Banking Berhad, Singapore Branch

Local currency long-term Counterparty Risk Rating of A2

Local currency short-term Counterparty Risk Rating of P-1

Foreign currency long-term Counterparty Risk Rating of A2

Foreign currency short-term Counterparty Risk Rating of P-1

Public Bank Berhad

Local currency long-term Counterparty Risk Rating of A2

Local currency short-term Counterparty Risk Rating of P-1

Foreign currency long-term Counterparty Risk Rating of A2

Foreign currency short-term Counterparty Risk Rating of P-1

RHB Bank Berhad

Local currency long-term Counterparty Risk Rating of A3

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of A3

Foreign currency short-term Counterparty Risk Rating of P-2

Standard Chartered Bank Malaysia Berhad

Local currency long-term Counterparty Risk Rating of A3

Local currency short-term Counterparty Risk Rating of P-2

Foreign currency long-term Counterparty Risk Rating of A3

Foreign currency short-term Counterparty Risk Rating of P-2

The principal methodology used in these ratings was Banks published in August 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

CIMB Bank Berhad, headquartered in Kuala Lumpur, reported total assets of MYR432.7 billion (USD111.9 billion) at 31 March 2018.

CIMB Islamic Bank Berhad, headquartered in Kuala Lumpur, reported total assets of MYR92.4 billion (USD23.9 billion) at 31 March 2018.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, reported total assets of MYR79.5 billion (USD20.6 billion) at 31 March 2018.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, reported total assets of MYR197.3 billion (USD51.0 billion) at 31 March 2018.

Malayan Banking Berhad, headquartered in Kuala Lumpur, reported total assets of MYR769.6 billion (USD198.9 billion) at 31 March 2018.

Public Bank Berhad, headquartered in Kuala Lumpur, reported total assets of MYR398.2 billion (USD102.9 billion) at 31 March 2018.

RHB Bank Berhad, headquartered in Kuala Lumpur, reported total assets of MYR234.6 billion (USD60.7 billion) at 31 March 2018.

Standard Chartered Bank Malaysia Berhad, headquartered in Kuala Lumpur, reported total assets of MYR47.7 billion (USD12.3 billion) at 31 March 2018.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Simon Chen
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 81 3 5408 4110
Client Service: 81 3 5408 4100

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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