FW: RAM Ratings maintains surveillance of Bank Rakyat's ratings; withdraws Imtiaz Sukuk's rating

 

Published on 14 May 2018.

RAM Ratings has received confirmation that Imtiaz Sukuk Berhad, a funding conduit of Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat or the Bank), had fully paid up its RM1 billion Islamic Medium-Term Notes Programme on 23 November 2017 and cancelled the facility on 26 April 2018. We therefore no longer have any rating obligation in respect of the said instrument, which had previously carried an issue rating of AA2(s)/Stable. 

We will, however, maintain surveillance of Bank Rakyat’s AA2/Stable/P1 financial institution ratings and the ratings of the following sukuk facilities, which had been issued through the Bank’s other funding conduits.

Table 1: Bank Rakyat’s issue ratings

	Ratings
Imtiaz Sukuk II Berhad
RM9 billion Islamic MTN and Islamic CP Programme (2013/2023)	AA2(s)/Stable/P1(s)
Mumtaz Rakyat Sukuk Berhad
RM5 billion Subordinated Sukuk Murabahah Programme (2016/2036)	AA3(s)/Stable