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RAM Ratings reaffirms AFFIN Hwang Investment Bank's ratings

RAM Ratings reaffirmed Affin Hwang Investment Bank Bhd.'s AA3/Stable/P1 financial institution ratings.

The rating agency said the ratings are based on its assumption that AFFIN Hwang will receive extraordinary support from parent AFFIN Holdings Bhd.

RAM Ratings noted that AFFIN Hwang Investment Bank is a small investment bank and its income is inherently volatile given the contributions from its stockbroking, investment banking and proprietary trading activities. However, a large share of its gross income is derived from the more stable asset management business.