Fitch affirms three Indonesian banks

Fitch Ratings said it affirmed the ratings of Bank Central Asia, Bank Rakyat Indonesia and Bank Niaga.

Bank Central Asia's long-term foreign-currency issuer default rating was affirmed at BB-, short-term foreign-currency rating at B, national long-term rating at AA(idn), individual at C/D and support at 4.

Bank Rakyat's long-term foreign-currency issuer default rating was affirmed at BB-, short-term foreign-currency rating at B, national long-term rating at AA+(idn), individual at C/D and support at 4.

Bank Niaga's long-term foreign-currency issuer default rating was affirmed at BB-, individual at D and support 4.

The outlook for all the ratings is stable.

Bank Central Asia's ratings reflect its strong financial position including good asset quality and above-average capitalization, Fitch said.

Bank Rakyat's ratings reflect its strong underlying profitability and above-average asset quality, which stem from its largely unchallenged franchise in rural microcredits, the agency said.

Bank Niaga's ratings reflect its reasonably strong profitability, with a high level of impaired loans mitigated by its improved capital position and its parentage in Bumiputra-Commerce Holdings Bhd., the second-largest banking group in Malaysia, Fitch said.

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