Fitch rates Bank Pan Indonesia bonds AA-(idn)

Fitch Ratings said it assigned an expected AA-(idn) rating to PT Bank Pan Indonesia Tbk.'s proposed five-year Indonesian rupiah-denominated senior bond issue. The bank has a BB long-term issuer default rating, AA-(idn) national long-term rating, C/D individual rating and 3 support rating. Its Rp 1.65 trillion of senior unsecured debt is rated AA-(idn), and its Rp 1.5 trillion of subordinated debt is rated A+(idn).

The outlook is stable.

The proceeds of the bond issue are expected to facilitate better matching against some of the bank's longer-term loan assets, the agency said.

Meanwhile, the bank's capital position remains strong and should cushion against the impact of weakening loan quality, Fitch predicted.

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