Fitch pares Permata

Fitch Ratings said it downgraded the national long-term rating on PT Bank Permata Tbk. to AA+(idn) from AAA(idn), and removed the rating from rating watch negative.

“The downgrade follows the completion of the acquisition of 89.1% of Permata’s shares by Bangkok Bank PCL (BBL, BBB/stable/bbb) on May 20, 2020, and reflects our view of the new owner’s weaker ability to support its Indonesian bank subsidiary compared to the previous shareholder, Standard Chartered Bank (SCB, A+/negative/a). The stable outlook on Permata’s rating mirrors the outlook on BBL’s rating,” Fitch said in a press release.

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