Fitch revises CIMB Niaga view to negative

Fitch Ratings said it changed the outlook to negative from stable and affirmed PT Bank CIMB Niaga Tbk.'s long-term issuer default rating at BBB.

The agency affirmed the bank's other international ratings. At the same time, Fitch Ratings Indonesia affirmed CIMB Niaga's national long-term rating at AA+(idn) and that of its financing subsidiary, PT CIMB Niaga Auto Finance at AA(idn).

“The negative outlook reflects Fitch's view of Malaysia-based parent CIMB Group Holdings Bhd.’s (CIMB) weakening ability to support its Indonesian bank and finance-company subsidiaries as a result of the coronavirus pandemic,” the agency said in a press release.

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