Fitch affirms Sinar Mitra

Fitch Ratings said it affirmed PT Sinar Mitra Sepadan Finance's national long-term rating and rupiah-denominated senior bond at BBB(idn) and its national short-term rating at F3(idn). The outlook is stable.

The agency said the ratings reflect Sinar Mitra Sepadan's low provision cover and high reliance on without-recourse funds but also its steady asset quality and profitability.

In Fitch's view, the upcoming higher down-payment regulation from the Ministry of Finance and Bank Indonesia could help improve the asset quality of Indonesia's financial industry.

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