Fitch ups Bank Central Asia to AA+(idn)

Fitch Ratings said it upgraded the national long-term rating of PT Bank Central Asia Tbk to AA+(idn) with stable outlook from AA(idn), and affirmed its long-term foreign-currency issuer default rating at BB- with positive outlook, short-term foreign-currency issuer default rating at B, individual rating at C/D, support rating at 4 and support rating floor at B+.

The upgrade reflects its sound financial position relative to its peers with generally good asset quality, above average capitalization and strong profitability, Fitch said.

The ratings also reflect its systemic importance as the second largest bank in Indonesia, the agency said, although the probability of state support is limited by the financial constraints of the Indonesian government, which is rated BB-.

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