Fitch upgrades Bank Rakyat

Fitch Ratings said upgraded the viability rating of Indonesian state-owned bank, PT Bank Rakyat Indonesia (Persero) Tbk. to BBB- from BB+.

Fitch also said it affirmed the bank's issuer default ratings, which are now driven by its viability rating and the issuer default ratings of four other Indonesian state-owned banks – PT Bank Mandiri (Persero) Tbk. (Mandiri), PT Bank Negara Indonesia (Persero) Tbk. (BNI), Lembaga Pembiayaan Ekspor Indonesia (Indoexim) and Bank Rakyat's subsidiary, PT Bank BRIsyariah Tbk. (BRIS).

The outlooks on all of the banks are stable.

The ratings of Bank Rakyat are underpinned by expectations of sovereign support, Fitch said.

The ratings on all of the banks reflect a high probability that the banks will receive state support in time of need, the agency said.

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