Published on 14 November 2014
RAM Ratings has withdrawn the AAA/Stable
rating of NongHyup Bank’s (NH Bank) MTN Programme of up to RM3.3 billion
(2008/2023). This follows the announcement through Bank Negara
Malaysia’s FAST that Standard Chartered Bank Malaysia Berhad - the
facility agent - cancelled the MTN Programme upon the request of NH
Bank’s ultimate parent, the National Agriculture Cooperative Federation
(NACF), on 11 November 2014. NH Bank and the NACF are co-obligors for
the senior notes on a joint and several basis; there is no outstanding
issue under the MTN Programme. As such, RAM no longer has any rating
obligation on the debt facility.
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