Moody's stabilizes Bank Tabungan Negara view

Moody's Investors Service said it changed Bank Tabungan Negara’s outlook to stable from negative. The agency also affirmed the bank's Ba3 (hyb) foreign-currency subordinated debt rating.

“The change in outlook follows the parliament's approval of the 2022 budget, which allocated Rp 1.98 trillion to BTN and paves the way for the bank's rights issue in the first half of 2022. Moody's estimates that the capital raised will boost BTN's common equity tier 1 (CET1) ratio to 16%, from 13.5% as of September 2021. However, the ratio will moderate as loan growth increases. The bank is targeting low to mid-teen percentage loan growth in 2022,” the agency said in a press release.

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