Fitch lifts Bank OCBC NISP to A

Fitch Ratings Indonesia said it affirmed the national ratings on four foreign-owned Indonesian banks and three of their financing subsidiaries.

The agency also upgraded PT Bank OCBC NISP Tbk.'s long-term local-currency issuer default rating to A from A- and viability rating to bb+ from bb and affirmed its other ratings.

The outlooks are stable.

The other issuers are PT Bank CIMB Niaga Tbk., PT Bank Maybank Indonesia Tbk., PT Bank UOB Indonesia, PT CIMB Niaga Auto Finance, PT Maybank Indonesia Finance and PT Wahana Ottomitra Multiartha Tbk.

Fitch said the upgrade of OCBC NISP's local-currency issuer default rating follows its Dec. 20 upgrade of Indonesia's sovereign rating to BBB from BBB- and reflects the agency’s view that support from its parent, Oversea-Chinese Corp. Ltd. (AA-/stable/aa-), is likely to remain robust, even in case of high sovereign or macroeconomic stress.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.