KUALA LUMPUR: Moody's Investors Service has assigned a (P)A3 foreign-currency senior unsecured debt rating to Malayan Banking Bhd's (Maybank, A3 stable) US$2bil (RM8.40bil) multicurrency medium-term note (MMTN) programme.

       The rating agency said on Friday the rating was assigned in the context of Maybank's planned issuance of long-term foreign currency debt of up to a maximum of US$2bil through the programme.

       “The (P)A3 rating on the MMTN programme is in line with Maybank's A3 foreign currency deposit rating. This is because the notes will be unconditional, unsubordinated and unsecured obligations, and will rank pari-passu with all of Maybank's other senior unsecured obligations,” it said.

       Moody’s said the ratings on individual senior unsecured notes to be issued under the programme will be subject to Moody's review of the terms and conditions in the drawdown supplements.

       “The rating on MMTN programme is in line with Maybank's foreign currency deposit rating, which is at the same level as Malaysia's A3 sovereign rating. Given the stable outlook on the sovereign rating, an upgrade of Maybank's long-term ratings is unlikely in the next 12 to 18 months,” it said.