Fitch affirms Bank Negara Indonesia

Fitch Ratings said it affirmed PT Bank Negara Indonesia Tbk's long-term foreign- and local-currency issuer default rating at BB+, national long-term rating at AA(idn) and short-term foreign-currency issuer default rating at B.

The outlook is stable.

The affirmations are underpinned by its gradually improving levels of profitability, asset quality and capital after the impending rights issue, Fitch said, and concerted efforts to enhance its risk and corporate governance framework.

Its national rating is currently lower than that of other large banks in Indonesia, the agency said, and an upgrade will be dependent on a sustained record of improved financial performance, which is more likely over the longer term.

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