Fitch affirms CIMB Niaga

Fitch Ratings said it affirmed PT Bank CIMB Niaga Tbk.'s long-term foreign currency issuer default rating at BB+ with a positive outlook. The national long-term rating has also been affirmed at AAA(idn) with a stable outlook.

Fitch said the ratings of CIMB Niaga primarily reflect moderate expected institutional support from its parent, CIMB Group (whose flagship CIMB Bank is rated BBB+/stable). The positive outlook on the IDR is in line with Indonesia's sovereign outlook.

An upgrade of the sovereign rating could lead to a similar rating change for the bank.

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