PETALING JAYA: Malaysian Rating Corp Bhd (MARC) has affirmed the AAA rating for Oversea-Chinese Banking Corp Ltd’s (OCBC) RM2.5bil redeemable subordinated bonds with a “stable” rating outlook.
MARC said the rating was based on the strength of the Singapore-based bank’s well-entrenched business presence in Singapore and Malaysia, sound capitalisation, diversified earnings streams and strong risk management capabilities.
“OCBC’s Malaysian operations have consistently contributed towards a quarter of the bank’s profits and accounted for 11% of assets at the end of financial year 2008,” the rating agency said, adding that the bank had S$180.2bil in assets as at March 31.
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