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RAM Ratings reaffirms ratings of Bank Pembangunan Malaysia

RAM Ratings reaffirmed the AAA/Stable/P1 financial institution ratings of Bank Pembangunan Malaysia Bhd.

The rating agency said the ratings reflect the likelihood of strong government support given the bank's strategic importance in Malaysia's development. As a 100% state-owned financial institution, the bank has been mandated to finance the infrastructure, technology, maritime and oil and gas sectors.

Bank Pembangunan Malaysia's financial performance has been affected by hefty credit losses and impairment changes on vessels. The bank's capitalization is sound despite higher-risk credits.