Fitch rates Adira Dinamika BBB

Fitch Ratings said it assigned PT Adira Dinamika Multi Finance Tbk. a long-term issuer default rating of BBB with a stable outlook.

“Adira Finance's long-term issuer default rating is support-driven and reflects our expectation that the company is highly likely to receive extraordinary support from its parent, PT Bank Danamon Indonesia Tbk (Danamon, BBB/AAA(idn)/stable/bb+), and Danamon's largest shareholder, Mitsubishi UFJ Financial Group, Inc. (MUFG, A/stable/a), in times of need,” the agency said in a news release.

“The rating takes into account Adira Finance's significant business contribution and integrated operations with Danamon, the parent's majority ownership (92%) as well as MUFG's considerable ability to support its subsidiary.”

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