Fitch ups Panin Sekuritas

Fitch Ratings said it upgraded PT Panin Sekuritas Tbk's national long-term rating and the issue rating on its existing five-year rupiah senior unsecured bonds issued in 2007 to A(idn) from A-(idn).

The outlook is stable.

The upgrade takes into account the entity's improved, though still volatile earnings profile, generally well-managed securities brokerage and share financing operations, its strong capitalization and modest leverage position, Fitch said.

The upgrade also reflects the possibility of limited support from one of its substantial shareholders, Bank Pan Indonesia, which owns a 29% stake, the agency said.

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