Moody's lifts Bank Permata baseline rating

Moody's Investors Service said it affirmed Bank Permata Tbk.'s long-term local- and foreign-currency deposit ratings of Baa3, as well as its adjusted baseline credit assessment at Ba1.

Moody's also said it upgraded the bank's baseline credit assessment to Ba1 from Ba2.

The outlook is stable.

Bank Permata's standalone credit profile has improved, mainly driven by the improvement in its asset quality, the agency said.

Moody's said it expects a lower level of support from one of its key shareholders, Standard Chartered Bank, following the global lender's intention to divest its stake in Bank Permata.

Therefore, the agency said it upgraded the bank's baseline credit assessment and removed the rating uplift associated with affiliate support.

The offsetting effect of these actions leads to the affirmation of the bank's adjusted baseline credit assessment and long-term deposit ratings, Moody's said.

The ratings do consider some support from the government of Indonesia, if needed, the agency said.

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