Monday, November 17, 2014

RAM Ratings withdraws rating of NongHyup Bank’s up to RM3.3 billion MTN Programme



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RAM Ratings has withdrawn the AAA/Stable rating of NongHyup Bank’s (NH Bank) MTN Programme of up to RM3.3 billion (2008/2023).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.

Media contact
Peter Kong
(603) 7628 1029
peterkong@ram.com.my

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