Moody's affirms Public Bank

Moody's Investors Service said it affirmed Public Bank Bhd.'s ratings after the announcement of the proposed acquisition of Asia commercial Bank by its subsidiary, JCG Holdings.

The agency said the ratings affirmed include Public Bank's C bank financial strength rating, its A3/P-1 long-term/short-term deposit ratings and Baa1 subordinated debt ratings.

The outlook is stable.

The affirmation reflects Moody's view that Public Bank's credit fundamentals will remain in line with similarly rated entities after the small and clean, but moderately profitable balance sheet of Asia commercial Bank is consolidated within the group.

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