Fitch: Indoexim to positive

Fitch Ratings said it revised the outlook on Lembaga Pembiayaan Ekspor Indonesia (Indoexim) to positive from stable.

Fitch also said it affirmed the issuer default ratings, national ratings and issue ratings of Indoexim, PT Bank Mandiri (Persero) Tbk. (Mandiri), PT Bank Rakyat Indonesia (Persero) Tbk, (BRI) and PT Bank Negara Indonesia (Persero) Tbk. (BNI).

The outlooks on the Mandiri, BRI and BNI are stable.

The ratings on these state-owned banks are support-driven, reflecting the high probability they would continue to receive state support in times of need, Fitch said.

This is based on the banks' relative systemic importance in the Indonesian economy, including the degree of their policy roles – especially in the case of Indoexim – as well as the state's majority ownership in each of them, the agency explained.

Indoexim’s outlook revision follows a similar outlook revision of Indonesia's sovereign rating to positive from stable Dec. 21, Fitch said.

The agency said it views state support for the three commercial banks Mandiri, BRI and BNI as somewhat less than that for Indoexim, given their lighter policy roles and lower state ownership.

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