Rating Agency Malaysia (RAM) yesterday downgraded the ratings of a large conglomerate, a bank and a stockbroker, analysts said. The independent rating agency said in its first ratings for the new year it has downgraded the short-term ratings of conglomerate Arab-Malaysian Corp (Amcorp)'s private debt securities of 460 million ringgit to P3 from P2. RAM said in a statement it also downgraded the long-term rating of medium-sized Multi Purpose Bank Bhd, a unit of Multi Purpose Holdings Bhd, to A2 from A1.
In another action, RAM downgraded the 100 million ringgit revolving underwritten facility of stockbroker SimeSecurities Sdn Bhd, to P3 from P2.
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