KUALA LUMPUR: MARC Ratings has placed its financial institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Bhd (KFH Malaysia).
The agency said this follows the announcement of the voluntary withdrawal from the Malaysian market, in line with parent KFH Group's strategic review to focus on the Middle East region.
MARC said KFH had recently completed the acquisition of Bahrain's largest bank, Ahli United Bank, making it the second-largest Islamic bank globally in terms of assets.
MARC has been rating KFH Malaysia since 2008 and had reaffirmed the rating on July 3 last year.
It noted that the rating had considered the strong support extended by KFH to its wholly-owned KFH Malaysia.
"The parent KFH carries a AAA public information rating from MARC Ratings, premised on its very high systemic importance as the largest bank in Kuwait and expectations of support from the Kuwaiti government.
"KFH is expected to facilitate the gradual winding down process by providing resources and liquidity support, if necessary," it said.