RAM Ratings has assigned a final rating of A3 to Bank Muamalat Malaysia Berhad’s (Bank Muamalat or the Bank) proposed Islamic Subordinated Sukuk Programme of up to RM400 million (Islamic Subordinated Sukuk); the long-term rating has a stable outlook. This rating announcement follows on from RAM Ratings’ earlier press release on the Bank, dated 9 May 2011. Bank Muamalat currently carries A2/stable/P1 financial institution ratings.
The 1-notch difference between Bank Muamalat’s A2 long-term financial institution rating and the A3 rating of its Islamic Subordinated Sukuk reflects the subordination of the Islamic Subordinated Sukuk to the Bank’s senior unsecured obligations. (Press Release)