RAM Ratings has withdrawn the AA1/Stable rating of Etiqa Family Takaful Berhad’s (EFTB) RM300 million Subordinated Sukuk Musharakah (2014/2024) following the exercise of a call option to fully redeem the Sukuk on 30 May 2019. At the same time, we have withdrawn the AAA/Stable/P1 insurer financial strength ratings of Etiqa General Insurance Berhad (EGIB) and EFTB upon the request of the entities. EGIB had exercised the call option to fully redeem its RM500 million Subordinated Bonds on 5 July 2018. Accordingly, we no longer have any rating obligation in respect of the two entities.
Analytical contact
Joanne Kek
(603) 3385 2520
joanne@ram.com.my
Media contact
Padthma Subbiah
(603) 3385 2577
padthma@ram.com.my
Date of release: 30 May 2019
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