Moody's upgrades EON Bank

Moody's upgraded EON Bank Bhd's foreign currency long-term/short-term deposit ratings to A3/P-1 from Baa2/P-3.

The rating agency has also upgraded EBB's bank financial strength rating to C- from D.

The C-BFSR maps to a baseline credit assessment of Baa1, upgraded from the former baseline credit assessment of Ba2, it said in a statement today, adding that the revised ratings carry a stable outlook.

Moody's said it has upgraded EBB ratings as a result of the purchase of EBB by Hong Leong Bank.

On April 29, 2011 EON Capital Bhd accepted HLB's offer to acquire the entire assets and liabilities of ECB for RM5.06 billion following a High Court decision which dismissed a petition filed by Primus Sdn Bhd which had opposed the takeover.

The transaction, when completed, will result in Hong Leong Bank becoming the fourth largest banking group in Malaysia.

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