Fitch rates Bank CIMB Niaga debt AA-(idn)

Fitch Ratings said it assigned an expected rating of AA-(idn) to PT Bank CIMB Niaga Tbk's seven-year rupiah subordinated debt of about Rp1.5 trillion. The rating is contingent on receipt of final documents.

The rating is two notches below the issuer's national long-term rating of AA+(idn) and reflects the presence of cumulative deferral conditions, which had not been in previous subordinated debt issuances by Indonesian banks, the agency said. These conditions are now required in compliance with new regulations, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.