Moody’s lowers Bank ICBC Indonesia

Moody’s Investors Service said it changed the outlook on the Bank ICBC Indonesia to negative from stable:

The agency also said it affirmed the bank’s Baa2 long-term local-currency deposit rating and Baa2 long-term issuer rating.

The outlook revision follows a similar change in the outlook to negative for the bank’s parent, Industrial & Commercial Bank of China Ltd. (ICBC Ltd.).

Because ICBC Indonesia’s adjusted baseline credit assessment benefits from a very high level of support from its parent, a change in the outlook to negative on the parent’s ratings puts negative pressure on ICBC Indonesia’s adjusted baseline rating and results in a similar change to ICBC Indonesia’s supported ratings, Moody’s said.

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