Fitch rates Maybank Indonesia bonds AA+(idn)

Fitch Ratings Indonesia said it assigned AA+(idn) national ratings to PT Maybank Indonesia Finance's (MIF, AA+(idn)/stable) proposed second senior unsecured bond program of up to Rp 5 trillion.

The agency also assigned AA+(idn) ratings to the three- and five-year bonds issued under the first tranche of the program.

The proposed bond issuance under the first tranche of the program will total up to Rp 1 trillion.

Proceeds will be used for working capital purposes.

The bonds are rated at the same level as Maybank’s national long-term rating in accordance with Fitch's criteria.

“MIF's National Ratings reflect our expectation of a strong probability of extraordinary support from parent, PT Bank Maybank Indonesia Tbk (Maybank Indonesia; BBB/AAA(idn)/stable), in times of need, and take into account MIF's strategic importance to the parent in supporting the bank's business expansion in Indonesia's fast-growing consumer financing market,” Fitch said in a news release.

“Maybank Indonesia's support is manifested in full ownership of MIF, name sharing, operational integration and funding provision. Maybank Indonesia's ratings are in turn driven by strong support from its parent, Malayan Banking Berhad (A-/stable).”

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