Fitch ups Bank Niaga, Lippo

Fitch Ratings said it upgraded the individual ratings of PT Bank Niaga Tbk and PT Bank Lippo Tbk to C/D from D, along with Bank Lippo's national long-term rating to AA-(idn) from A+(idn). All other ratings have been affirmed, including Bank Niaga's long-term foreign-currency issuer default rating at BB- with positive outlook, support rating at 4 and support rating floor at B; and Bank Lippo's long-term foreign-currency issuer default rating at BB- with positive outlook, short-term foreign-currency rating at B, support rating at 4 and support rating floor at B.

The outlook remains stable.

The agency said the upgrade of Bank Niaga's individual rating reflects its improved profitability, stable and satisfactory capitalization and its parentage in the CIMB Group, the second largest banking group in Malaysia by assets, Fitch said.

The upgrade in Lippo Bank's individual and national ratings reflects the maintenance of a sound balance sheet, strong asset quality and improved profitability under the leadership of the Khazanah-appointed management team, the agency said.

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