Fitch ups Sinarmas Hana national rating

Fitch Ratings said it upgraded PT Sinarmas Hana Finance's national long-term rating to AA(idn) from A+(idn).

The outlook is stable.

The agency said the upgrade follows the revision in Fitch's view that there is a moderate probability that Sinarmas Hana would receive extraordinary support from its ultimate parent, Hana Financial Group.

Support from Hana Financial Group was not previously factored into the rating and the view was revised after the group raised its stake in Sinarmas Hana's direct parent, Hana Capital Co., Ltd., to 100% from 51% in February, the agency explained.

Fitch said the AA national ratings denote expectations of very low default risk relative to other issuers or obligations in the same country.

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