Malaysia International Islamic Financial Centre (MIFC) : RAM Ratings withdraws Etiqa General Insurance Berhad’s and Etiqa Family Takaful Berhad’s ratings following full redemption

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Press Release

30 May | Thursday

RAM Ratings withdraws Etiqa General Insurance Berhad’s and Etiqa Family Takaful Berhad’s ratings following full redemption

RAM Ratings has withdrawn the AA1/Stable rating of Etiqa Family Takaful Berhad’s (EFTB) RM300 million Subordinated Sukuk Musharakah (2014/2024) following the exercise of a call option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 At the same time, we have withdrawn the AAA/Stable/P1 insurer financial strength ratings of Etiqa General Insurance Berhad (EGIB) and EFTB upon the request of the entities.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

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

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Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

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