Fitch ups Bank Permata

Fitch Ratings said it upgraded the individual rating of PT Bank Permata Tbk to C/D from D and affirmed its support rating at 4.

The upgrade reflects the bank's improved profitability and asset quality, Fitch said, along with expectations for limited support from Standard Chartered Bank (rated A+ with stable view).

Permata is tapping into the technical resources of Standard Chartered Bank, combined with support from other owner Astra International to further expand its banking business.

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