JAKARTA: Standard & Poor's Ratings Services said today that it had raised its long-term counterparty credit rating on RHB Bank Bhd (RHBB) to BBB+ from BBB. The outlook is stable. At the same time, S&P raised the bank fundamental strength rating on RHBB to C+ from C. S&P also affirmed the A-2 short-term counterparty credit rating and the axA+/axA-1 ASEAN regional scale ratings on the bank. "The upgrade reflects our opinion that the improvement in RHBB's core operating performance is sustainable following a successful transformation program," said Standard & Poor's credit analyst Ivan Tan.Much of RHBB's improved operating performance and financial strength in the past several years can be attributed to what we view as management's solid execution of its transformation strategy. Management has refocused the bank's resources and efforts on its core businesses, previously conducted by various legal entities within the group, to realize greater synergies and enhance revenue-generating capabilities. Despite recent recessionary challenges, these strategic initiatives have produced encouraging improvements in RHBB's financial profile. (wiw)

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