RHB Bank Bhd.#s US$5 Billion Euro Medium-Term Note Program Assigned #BBB+# Rating

Stocks and Financial Services Press Releases Tuesday September 23, 2014 11:59
SINGAPORE--23 Sep--Standard & Poor's

SINGAPORE (Standard & Poor's) Sept. 23, 2014--Standard & Poor's Ratings Services said today that it had assigned its 'BBB+' issue rating to RHB Bank Bhd.'s US$5 billion euro medium-term note program. RHB Bank's senior unsecured notes under the program will constitute direct, unconditional, unsecured, and unsubordinated obligations of the bank, and shall at all times rank equally with all other unsecured obligations.

The program contains a substitution clause such that if RHB Bank is merged or consolidated into another corporation, the latter will replace RHB Bank as the principal debtor. The substitution could occur without the consent of noteholders. The 'BBB+' rating is applicable to RHB Bank as the principal debtor, and might change if the substitution clause is triggered.

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