Fitch gives UOB bonds AA(idn)

Fitch Ratings said it gave an AA(idn) rating to Bank UOB Indonesia's tranche of Rp 100 billion of 8% tier 2 subordinated bonds due March 8, 2029.

The agency said the rating is two notches below the anchor rating to account for subordination and the option to defer interest and principal if UOB’s capital position falls below its minimum requirements.

“However, notching for non-performance risk is zero because we believe that non-performance is neutralized by potential parental support,” Fitch said in a press release.

The outlook is stable.

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