Affin gets A3 rating with stable outlook from Moody's
KUALA LUMPUR: Affin Group has received its first international credit rating of A3 with a stable outlook from Moody's Ratings.
The banking group said in a statement that the rating "marks a significant milestone in the group's 50-year history, reflecting its solid financial foundation, prudent asset quality, resilient capital position, and strong institutional ties with the Sarawak state government, which holds a 31.25 per cent equity stake in the bank.'
Affin Bank Bhd president and group chief executive officer Datuk Wan Razly Abdullah said the rating was "a recognition of our sound fundamentals and validates the strength of our Axelerate 2028 (AX28) Plan.'
"As we continue to grow our footprint and expand financial inclusion across Malaysia, this rating affirms the market's confidence in AFFIN,' he added.
Wan Razly said the strong rating enhances the bank's position on the global stage, particularly among international investors in areas such as trade finance, correspondent banking, and US dollar capital markets.
"It unlocks broader access to global opportunities and funding for the group,' he added.
Affin noted that Moody's highlighted several key strengths of the group, which include healthy asset quality.
"The group also showed strong capitalisation, with a tangible common equity to risk weighted assets ratio of 14.5 per cent as at end 2024; adequate funding and liquidity, underpinned by growing current account and savings account deposits as well as improving profitability, driven by operational efficiencies and digital transformation initiatives,' it said, citing Moody's assessment.
With its credit rating, Affin said the bank now joins the ranks of Malaysia's top-rated financial institutions, further enhancing its credibility and global market access. - Bernama
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