Fitch lifts Bank Tabungan

Fitch Ratings said it upgraded PT Bank Tabungan Pensiunan Nasional Tbk.’s national long-term rating to AA(idn) from AA-(idn).

The agency also said it assigned a national short-term rating of F1+(idn) to the bank.

The upgraded ratings also include the ratings on the bank’s bonds to AA(idn), Fitch said.

The ratings reflect expectations of very low default risk relative to other issuers or obligations in the same country, Fitch said.

The upgrades reflect a higher propensity of support from its major shareholder Sumitomo Mitsui Banking Corp., the agency said. Sumitomo Mitsui increased its stake in the bank to 40% from 25% in March, Fitch said.

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