Fitch ups Bank Syariah Mandiri

Fitch Ratings said it upgraded the national long-term rating of PT Bank Syariah Mandiri to A+(idn) from A (idn), along with the bank's subordinated Islamic bond I/2007 to A (idn) from A-(idn) and has assigned the rating of A+ (idn) to the bank's senior unsecured Islamic bond I/2003 amounting to Rp.200 billion that will mature in 2008.

The outlook is stable.

The upgrade reflects a similar rating action taken on its parent bank's (Bank Mandiri) national long-term rating, which was upgraded to AA+ (idn) from AA (idn), based on the close ties between the two.

Although the bank's total assets were only 3.6% of Bank Mandiri's consolidated assets at the end of 2006, Fitch said it believes the bank is strategically important given the under-penetrated sharia banking market in Indonesia; hence, there would be high propensity for the parent bank to support Bank Syariah Mandiri in the event of need.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.