(The following was released by the rating agency)
SINGAPORE (Standard & Poor‘s) Sept. 13, 2012--Standard & Poor’s Ratings Services today assigned its ‘BBB+’ long-term issue rating to lower Tier-2 subordinated notes under the US$5 billion multicurrency medium-term notes (MTN) program of Malayan Banking Bhd. (A-/Stable/A-2).
The one-notch difference between the issue rating and the issuer credit rating reflects the subordinated but interest-non-deferral nature of the notes. RELATED CRITERIA AND RESEARCH -- Banks: Rating Methodology And Assumptions, Nov. 9, 2011