Fitch upgrades Mitra Pinasthika

Fitch Ratings said it upgraded PT Mitra Pinasthika Mustika Finance's national long-term rating to AA(idn) from AA-(idn) and affirmed its national short- term rating at F1+(idn).

The outlook is stable.

The upgrade follows a revised view of majority shareholder JACCS Co. Ltd.'s ability to provide extraordinary support to the company, if needed, Fitch said.

JACCS is 21.6%-owned by Mitsubishi UFJ Financial Group, Inc., the agency noted.

JACCS is thought to have a greater ability to support its 60%-owned subsidiary than what was previously factored into the rating, Fitch explained.

The rating is support driven, reflecting an expectation of a moderate probability of extraordinary support from majority shareholder, JACCS, if required, the agency said.

Fitch said Mitra Pinasthika's standalone credit profile takes into account its modest franchise with about 1.5% share of the industry's total financing receivables and high appetite for financing growth.

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