Fitch rates Bank UOB Indonesia notes AA(idn)

Fitch Ratings said it assigned a national long-term rating of AA(idn) to PT Bank UOB Indonesia's Basel III-compliant tier 2 subordinated debt issue - the first such issue in Indonesia.

The proceeds from the issue, which will be up to Rp 1 trillion in size and have a maturity of up to seven years, will be used to support the company's business growth, Fitch said.

The ratings reflect expectations of very low default-risk relative to other issuers or obligations in the same country, the agency said.

The notes will be the first issue after Indonesian regulators issued capital requirements based on the Basel III framework in December 2013, Fitch said.

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