Moody’s rates Bank Permata notes Ba3 (hyb)

Moody's Investors Service said it assigned a provisional Ba3 (hyb) rating to the proposed tier 2 unsecured subordinated debt securities of PT Bank Permata Tbk.

Bank Permata is the first Indonesian bank to obtain a rating for capital-qualifying subordinated debt with contractual loss absorption upon the point of non-viability, which is consistent with Indonesia's Basel III bank capital regulations, Moody’s said.

The provisional rating is positioned two notches below Bank Permata's adjusted baseline credit assessment of Ba1, in line with the agency’s standard notching guidance for subordinated debt with loss triggered at the point of non-viability on a contractual basis, the agency said.

The subordinated debt ranks pari passu with the bank's plain vanilla subordinated debt in terms of priority of claim in the event of a winding-up of Bank Permata, Moody’s added.

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