Fitch lifts Bank Rakyat Indonesia

Fitch Ratings said it raised its ratings on PT Bank Rakyat Indonesia (Persero) Tbk. and its dollar-denominated senior unsecured notes to BBB from BBB-.

“The rating actions reflect Fitch's reassessment of the government's propensity to support the bank, given the bank's more prominent role in supporting a government program after its appointment as the holding company for state-owned ultra-micro lenders in 2021, which further entrenched its long-standing role in developing Indonesia's micro and small businesses. This led to the upgrade of BRI's government support rating (GSR), which drives its IDRs and national ratings, to bbb from bbb-,” the agency said in a press release.

The outlook is stable.

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