Fitch rates KEB Hana bonds AA(idn)

Fitch Ratings Indonesia said it assigned national ratings to PT Bank KEB Hana Indonesia's (BBB/AAA(idn)/stable) proposed issuance of rupiah- and dollar-denominated subordinated bonds as follows:

• Subordinated bonds up to a maximum of Rp 800 billion with a maturity of seven years assigned a national long-term rating of AA(idn); and

• Subordinated bonds up to a maximum of $50 million with a maturity of seven years assigned a national long-term rating of AA(idn).

Fitch said the proposed subordinated debt is rated two notches below KEB Hana Indonesia's national long-term rating – one notch for loss severity to reflect their subordination and write-down features and one notch for non-performance risk to reflect coupon and principal deferral risk.

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