Fitch gives BBB-(exp) to Lembaga Pembiayaan Ekspor notes

Fitch Ratings said it assigned a BBB- senior rating to Lembaga Pembiayaan Ekspor Indonesia's (Indonesia Eximbank) proposed $1.5 billon euro medium-term note program and a BBB-(exp) rating to the proposed notes to be issued under the program.

The agency also affirmed Indonesia Eximbank's long-term foreign-currency issuer default rating at BBB- with a stable outlook, support rating at 2 and support rating floor at BBB-.

The proceeds from the proposed issue will be used to support Indonesia Eximbank's business growth.

Indonesia Eximbank's issuer default rating is at the same level as that of the Indonesian sovereign, reflecting Fitch's expectation of a very high propensity of state support if needed.

The agency said Indonesia Eximbank's capital position remains strong, with tier 1 equity and total capital adequacy ratios of 30.97% and 31.85%, respectively, at the end of 2011.

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