Fitch ups BCA Finance

Fitch Ratings said it upgraded PT BCA Finance's national long-term rating to AA+(idn) from AA(idn), the issue rating on its senior rupiah-denominated debt to AA+(idn) from AA(idn) and subordinated rupiah-denominated debt to AA(idn) from AA-(idn).

The outlook is stable.

The rating for subordinated debt is rated a notch below the issuer's national long-term rating and reflects its subordination to senior obligations, Fitch said.

The upgrade reflects stronger linkage to its parent, PT Bank Central Asia Tbk, the agency said.

Fitch noted that BCA Finance had a consistently strong financial performance and good asset quality over 2009 through the first ninth months of 2010.

Its strong asset quality is underpinned by its focus on new loans with higher down payments and continued close monitoring of installment payments, the agency said.

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