Fitch rates Bank Tabungan bond AAA(idn)

Fitch Ratings said it assigned a national long-term rating of AAA(idn) to PT Bank Tabungan Pensiunan Nasional Tbk.'s proposed rupiah senior unsecured bond tranche II 2017.

The bank will issue up to Rp 1.5 trillion of bonds, which have a maturity of up to three years, Fitch said.

This will be the second tranche issued under the bank's third senior bond program, which is rated AAA(idn).

The proceeds will be used to support the bank's business growth, Fitch said.

The proposed bonds are rated at the same level as the bank's national long-term rating, the agency said.

The ratings reflect a view that the bank's parent, Sumitomo Mitsui Banking Corp., has a high propensity to provide support to the bank, if needed, Fitch said.

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