Fitch: Bank DKI bond A+(idn)

Fitch Ratings said it assigned a national long-term rating of A+(idn) to PT Bank DKI’s senior unsecured 2016 debt program of up to Rp 2.5 trillion.

The bonds are expected to be issued within two years of the program's launch, the agency said.

Fitch also said it assigned a national long-term rating of A+(idn) to the bank’s proposed rupiah senior unsecured bond tranche I 2016 of up to Rp 1 trillon.

The bonds, which will be issued under the program, will have a maturity of up to five years. The proceeds will be used to support the company's business growth, the agency said.

The bonds are rated at the same level as the bank’s national long-term ratings, Fitch said. This is because they constitute direct, unsubordinated and senior unsecured obligations of the bank and rank equally with its other unsecured and unsubordinated obligations, the agency said.

The ratings reflect the bank’s important role in supporting economic growth in the Jakarta region, which supports policies and programs of the Jakarta special regional government, Fitch said.

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