Malaysia's EON Bank 'BBB-' rating, stable outlook affirmed - Fitch |
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Published
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Mon, 02 Jul 2007 06:13
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KUALA LUMPUR (Thomson Financial) - Fitch Ratings has affirmed EON Bank Bhd's long-term foreign currency issuer default rating (IDR) at 'BBB-' with a stable outlook, short-term foreign currency IDR at 'F3', individual rating at 'C/D' and support rating at '3'.The support rating floor remains unchanged at 'BB,' said Fitch in a statement.Concurrently, the rating agency said it has affirmed the 'BB+' rating on the bank's subordinated debt.'EON Bank's ratings reflect its adequate balance sheet strength, with its reduced profitability mitigated by the improved provision cover and stable capitalisation,' said Fitch.It added that the stable outlook is underpinned by the benign credit environment.Risks of significant weakening in asset quality and profitability are considered remote at this point in time, said Fitch.EON Bank is the seventh-largest bank by asset size, with 133 branches in Malaysia.(1 usd = 3.45 rgt)aipeng.soo@thomson.comas/jgCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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