MARC Ratings has withdrawn its insurer financial strength rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin Nasional Berhad. This follows the completion of the legal process to transfer Danajamin’s businesses and undertakings to Bank Pembangunan Malaysia Berhad effective March 1, 2023. Accordingly, bonds/sukuk rated by MARC Ratings that were guaranteed by Danajamin will carry Bank Pembangunan’s rating of AAA.
MARC Ratings maintains a financial institution rating of AAA/Stable on Bank Pembangunan, reflecting primarily the bank’s status as a wholly government-owned entity with a key role to support the government’s developmental objectives for the country.
Following the aforementioned transfer of obligations, MARC Ratings will no longer provide analytical coverage on Danajamin.