Fitch rates Rakyat notes AAA(idn)

Fitch Ratings said it assigned PT Bank Rakyat Indonesia (Persero) Tbk.'s Rp. 2 trillion medium-term notes with a maturity of up to 36 months a national long-term rating of AAA(idn) and a national short-term rating of F1+(idn).

Proceeds will be used to support the company's business growth.

The notes are rated the same level as Rakyat’s national long-term rating of AAA(idn) as they are direct, unconditional, unsecured and unsubordinated obligations of the company.

The national ratings reflect likely continuing state support in times of need. Fitch said this is based on the government's majority ownership, Rakyat’s systemic importance in the Indonesian economy and its policy role. Rakyat is the second-largest bank in Indonesia, accounting for 12.4% of system assets at end-June 2014.

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