Moody’s ups eight Indonesian banks to positive

Moody's Investors Service said it affirmed the Baa3 deposit and, where applicable, issuer and senior unsecured debt ratings of 10 banks in Indonesia (Baa3 positive).

At the same time, the agency revised the outlooks for the ratings of eight banks to positive from stable. The affected banks are: (a) Bank Mandiri Tbk.; (b) Bank Rakyat Indonesia; (c) Bank Central Asia Tbk.; (d) Bank Negara Indonesia Tbk.; (e) PT Bank CIMB Niaga Tbk.; (f) Bank Tabugan Negara; (g) Bank Danamon Indonesia Tbk.; and (h) Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank).

The outlooks for two other banks were maintained: Pan Indonesia Bank Tbk.'s outlook remains stable and Bank Permata Tbk.'s outlook remains negative.

Moody’s said the actions follow the Feb. 8 affirmation of Indonesia's Baa3 sovereign rating and the outlook change to positive from stable.

In addition, the P-3 short-term deposit ratings, baseline credit assessments, adjusted BCAs and counterparty risk assessments assigned to the banks were affirmed.

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