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Fitch ups Indonesia banks
Fitch Ratings said it upgraded the national ratings of several Indonesian banks.
CIMB Niaga's long-term foreign-currency issuer default rating was affirmed at BB+, foreign-currency subordinated debt rating at BB, while its national long-term rating was upgraded to AAA(idn) from AA+(idn) and rupiah subordinated debt rating to an expected AA(idn) from an expected AA-(idn). Its outlook is stable.
OCBC NISP's long-term foreign-currency issuer default rating is affirmed at BB+, local-currency issuer default rating at BB+, short-term foreign-currency issuer default rating at B while its national long-term rating was upgraded to AAA(idn) from AA+(idn) and rupiah subordinated debt to an expected AA(idn) from AA-(idn). The outlook is stable.
UOB Buana's long-term issuer default rating is affirmed at BB+, local-currency issuer default rating at BB+, short-term issuer default rating at B while its national long-term rating was upgraded to AAA(idn) from AA+(idn). The outlook is stable.
Bank Internasional Indonesia's long-term foreign-currency issuer default rating was affirmed at BB+ and short-term issuer default rating at B while its national long-term rating was upgraded to AAA(idn) from AA-(idn). The outlook was revised to stable from positive.
ANZ Panin's national long-term rating was upgraded to AAA(idn) from AA+(idn). The outlook is stable.
The national rating upgrades follow a review of foreign-bank subsidiary ratings in Indonesia, Fitch said.
The ratings are based on the ability and propensity of each local bank's higher-rated foreign parent to provide support, should it ever be needed given the growing strategic importance of these Indonesian subsidiaries to the parents' regional operations, the agency said.
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