Fitch lifts Bank Buana Indonesia support

Fitch Ratings said it upgraded PT Bank Buana Indonesia Tbk's support rating to 4 from 5 and removed it from Rating Watch Positive.

At the same time, the agency said it also affirmed Bank Buana's other ratings, including the long-term foreign currency at BB-, short-term foreign currency at B, long-term local currency at BB-, national long-term rating at A-(idn) and individual rating at C/D.

The outlook for the long-term ratings is positive.

Fitch said the upgrade of Bank Buana's support rating reflects the recent completion of United Overseas Bank's (UOB) acquisition of a majority stake in the Indonesian bank and the agency believes that this will strengthen UOB's commitment to support Bank Buana given UOB's financial resources (LTFC AA-).

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