(Updated)

Maybank says decision to discontinue Fitch services part of bank’s effort to streamline rating assessments

Maybank says decision to discontinue Fitch services part of bank’s effort to streamline rating assessments
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KUALA LUMPUR (Aug 23): Malayan Banking Bhd (Maybank) said today Maybank's decision to discontinue bond rating services by Fitch Ratings was undertaken as part of Maybank’s overall effort "to streamline" debt-rating assessments by rating agencies. 

In a statement to theedgemarkets.com today, a Maybank spokesperson said Maybank bonds continue to be rated by international and domestic rating agencies, namely Moody's Investors Service Inc, S&P Global Ratings, and RAM Rating Services Bhd.

Yesterday (Aug 22), Fitch said it plans to withdraw its ratings of Maybank and international ratings of PT Bank Maybank Indonesia Tbk (Maybank Indonesia) bonds "on or about" Sept 23, 2021 for "commercial reasons".

Fitch said it reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient.

"Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the withdrawal of the ratings of Maybank and Maybank Indonesia. 

"Ratings are subject to analytical review and may change up to the time Fitch withdraws the ratings,” Fitch said.

At Bursa Malaysia’s 12:30pm break today, Maybank’s share price settled up two sen or 0.25% at RM8.14 for a market value of about RM95.16 billion.

Maybank has 11.69 billion issued shares.

Read also:
Fitch to withdraw Maybank bond ratings

Chong Jin Hun