Fitch rates Bank UOB Indonesia bonds AAA(idn)

Fitch Ratings Indonesia said it assigned ratings to PT Bank UOB Indonesia's (AAA(idn)/stable) proposed senior unsecured bonds with maturity of three and five years a national long-term rating of AAA(idn) and bonds with maturity of 370 days a national short-term rating of F1+(idn).

The issue will be up to Rp. 1.5 trillion and the proceeds will be used to support the company's business growth.

The bonds are rated at the same level as UOB's national long-term and short-term ratings in accordance with Fitch's criteria.

Fitch said the rating reflects its view of a high likelihood of timely support from UOB’s higher-rated parent, Singapore-based United Overseas Bank Ltd. (AA-/stable), in time of need. This view is based on UOB's strategic importance to UOB's business expansion in Southeast Asia, 99% ownership, name association and operational alignment in most key areas.

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