Fitch rates Bank Tabungan debt AA-(idn)

Fitch Ratings said it assigned PT Bank Tabungan Pensiunan Nasional Tbk.'s unsecured senior debt program II of up to Rp. 4 trillion a national long-term rating of AA-(idn).

The bank expects to issue bonds under the program within the next two years.

Fitch also has Bank Tabungan's proposed issue of up to Rp. 1 trillion bonds with maturity of up to five years, under Bank Tabungan's bond program II, a national long-term AA-(idn) rating. The proceeds will be used for business expansion.

Fitch said the senior bonds are rated the same level as Bank Tabungan's national long-term rating and its bond program's rating of AA-(idn), as they reflect direct, unconditional, unsecured and unsubordinated obligations of the bank.

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