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Rating Action:

Moody's assigns positive outlook to ratings of nine Malaysian financial institutions

20 Nov 2013

Singapore, November 20, 2013 -- Moody's Investors Service has affirmed the local and foreign currency ratings of nine financial institutions in Malaysia.

At the same time, Moody's has revised to positive from stable the outlook of their foreign currency deposit, issuer and senior unsecured debt and program ratings.

The rating actions follows the revision of Malaysia's A3 sovereign rating outlook to positive from stable on November 20.

The affected financial institutions are: (1) CIMB Bank Berhad (CIMB); (2) CIMB Islamic Bank Berhad (CIMB Islamic); (3) Cagamas Berhad (Cagamas); (4) Export-Import Bank of Malaysia Berhad (MEXIM - its own long-term ratings as well as that of its sukuk issued through a special-purpose vehicle); (5)HSBC Bank Malaysia Berhad (HSBCM); (6) Hong Leong Bank Berhad (HLB); (7) Malayan Banking Berhad (Maybank); (8) Public Bank Berhad; and (9) Standard Chartered Bank Malaysia Berhad (SCBM).

Local currency ratings outlooks remain stable, except for those of Cagamas and MEXIM, which are revised to positive from stable.

The bank financial strength ratings (BFSR) and outlooks assigned to the affected banks remain unchanged. The ratings and outlooks of the hybrid securities of Maybank and Public Bank also remain unchanged.

A full list of these financial institutions and their rating outlooks can be found at the end of this press release.

RATINGS RATIONALE

The rating actions are linked to Moody's revision of the outlook on Malaysia's A3 sovereign rating to positive from stable.

The government's credit strength is an important input in Moody's deposit and debt ratings for financial institutions, as it impacts Moody's assessment of the government's capacity to provide support in times of stress. As such, an improvement in the government's own creditworthiness, as measured by its sovereign rating, has the potential to lift the banks' supported ratings. The assignment of a positive outlook on the sovereign and bank ratings signals an increase in the probability of this scenario.

COMMERCIAL BANKS

The A3 foreign currency deposit ratings of the seven affected commercial banks -- CIMB, CIMB Islamic, HSBCM, HLB, Maybank, Public Bank, and SCBM -- are constrained by the foreign currency deposit ceiling.

At the same time, their A3 foreign currency issuer, senior unsecured debt ratings and (P)A3 program ratings are positioned at the same level as Malaysia's sovereign rating.

The positive outlook assigned to the ratings indicate that these constrained ratings are likely to move in tandem with the sovereign rating.

NON-BANK FINANCIAL INSTITUTIONS

The A3 and (P)A3 local and foreign currency ratings of Cagamas, MEXIM and EXIM Sukuk incorporate very high systemic support from the Malaysian government and their ratings are positioned at the same level as the government bond rating.

The positive outlook assigned to their ratings indicate that they are likely to move in tandem with the sovereign rating, provided there is no change in Moody's expectation of systemic support for these financial institutions.

The sovereign rating action on Malaysia is discussed in greater detail in a Moody's press release of November 20, 2013.

The ratings and outlook of the ratings of the affected financial institutions are listed below.

CIMB Bank Berhad

Bank Financial Strength Rating (BFSR) of C-, which maps to baa1 on the long-term scale

Local currency deposits rated A1/P-1

Foreign currency deposits and issuer rated A3/P-2

Foreign currency senior unsecured debt rated A3

Foreign currency senior unsecured MTN rated (P)A3

The outlook on all long-term foreign currency ratings is revised to positive from stable; all other ratings remain on stable outlook.

CIMB Bank Berhad, Labuan Branch

Foreign currency senior unsecured debt: A3

Foreign currency senior unsecured medium term note (MTN) program: (P)A3

The rating outlook is revised to positive from stable.

CIMB Bank Berhad, Singapore Branch

Local currency senior unsecured debt: A3

Foreign currency senior unsecured medium term note (MTN) program: (P)A3

The rating outlook is revised to positive from stable.

CIMB Islamic Bank Berhad

Bank Financial Strength Rating (BFSR) of D+, which maps to ba1 on the long-term scale

Local currency deposits and issuer rated A1/P-1

Foreign currency deposits and issuer rated A3/P-2

The outlook on all long-term foreign currency ratings is revised to positive from stable; all other ratings continue to show a stable outlook.

Cagamas Berhad

Local and foreign currency issuer rated A3/P-2

The outlook on all ratings is revised to positive from stable.

Export-Import Bank of Malaysia Berhad

Foreign currency issuer and senior unsecured debt rated A3

Foreign currency senior unsecured MTN rated (P)A3

The rating outlook is revised to positive from stable.

EXIM Sukuk Malaysia Berhad

Foreign currency senior unsecured MTN rated (P)A3

The rating outlook is revised to positive from stable.

Hong Leong Bank Berhad

BFSR of C-, which maps to baa1 on the long-term scale

Local currency deposits rated A2/P-1

Foreign currency deposits rated A3/P-2

Foreign currency senior unsecured debt rated A3

Foreign currency senior unsecured MTN rated (P)A3

The outlook on all long-term foreign currency ratings is revised to positive from stable; all other ratings continue to show a stable outlook.

HSBC Bank Malaysia Berhad

BFSR of C-, which maps to baa1 on the long-term scale

Local currency deposits rated A1/P-1

Foreign currency deposits rated A3/P-2

The outlook on the long-term foreign currency deposit rating is revised to positive from stable; all other ratings continue to show a stable outlook.

Malayan Banking Berhad

BFSR of C, which maps to a3 on the long-term scale

Local currency deposits rated A1/P-1

Foreign currency deposits rated A3/P-2

Foreign currency junior subordinated debt rated Baa2 (hyb)

The outlook on the long-term foreign currency deposit rating is revised to positive from stable; all other ratings continue to show a stable outlook.

Public Bank Berhad

BFSR of C, which maps to a3 on the long-term scale

Local currency deposits rated A1/P-1

Foreign currency deposits rated A3/P-2

Foreign currency preference stock rated Baa2 (hyb)

The outlook on the long-term foreign currency deposit rating is revised to positive from stable; all other ratings continue to show a stable outlook.

Standard Chartered Bank Malaysia Berhad

BFSR of C-, which maps to baa1 on the long-term scale

Foreign currency deposits rated A3/P-2

The outlook on the long-term foreign currency deposit rating is revised to positive from stable; all other ratings continue to show a stable outlook.

CIMB Bank Berhad, headquartered in Kuala Lumpur, reported total consolidated assets of MYR289.6 billion ($91.6 billion) as of 30 June 2013.

CIMB Islamic Bank Berhad, headquartered in Kuala Lumpur, reported total consolidated assets of MYR51.0 billion ($16.2 billion) as of 30 June 2013.

Cagamas Berhad, headquartered in Kuala Lumpur, reported total assets of MYR23.3 billion ($7.8 billion) as of 31 December 2012.

Export-Import Bank of Malaysia Berhad, headquartered in Kuala Lumpur, reported total assets of MYR7.3 billion ($2.4 billion) as of 31 December 2012.

Hong Leong Bank Berhad, headquartered in Kuala Lumpur, reported consolidated total assets of MYR163.5 billion ($51.7 billion) as of 30 June 2013.

HSBC Bank Malaysia Berhad, headquartered in Kuala Lumpur, reported consolidated total assets of MYR79.7 billion ($25.2 billion) as of 30 June 2013.

Malayan Banking Berhad, headquartered in Kuala Lumpur, reported consolidated total assets of MYR536.3 billion ($169.6 billion) as of 30 June 2013.

Public Bank Berhad, headquartered in Kuala Lumpur, reported consolidated total assets of MYR299.5 billion ($92.0 billion) as of 30 September 2013.

Standard Chartered Bank Malaysia Berhad, headquartered in Kuala Lumpur, reported consolidated total assets of MYR52.3 billion ($16.5 billion) as of 30 June 2013.

The principal methodology used in rating CIMB Bank Berhad, CIMB Bank Berhad, Labuan Branch, CIMB Bank Berhad, Singapore Branch, CIMB Islamic Bank Berhad, HSBC Bank Malaysia Berhad, Hong Leong Bank Berhad, Malayan Banking Berhad, Public Bank Berhad and Standard Chartered Bank Malaysia Berhad was Global Banks published in May 2013. The principal methodologies used in rating Cagamas Berhad were Global Banks published in May 2013, and Government-Related Issuers: Methodology Update published in July 2010. The principal methodologies used in rating Export-Import Bank of Malaysia Berhad and EXIM Sukuk Malaysia Berhad were Finance Company Global Rating Methodology published in March 2012, and Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

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
Asst Vice President - 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
SUBSCRIBERS: (65) 6398-8308

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (65) 6398-8308

Moody's assigns positive outlook to ratings of nine Malaysian financial institutions
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