Fitch Affirms Ratings on Indonesian State-Owned Banks
Fitch Ratings-Singapore/Jakarta-08 August 2017: Fitch Ratings has affirmed the international ratings on four Indonesian state-owned banks - PT Bank Mandiri (Persero) Tbk (Mandiri), PT Bank Rakyat Indonesia (Persero) Tbk (BRI), PT Bank Negara Indonesia (Persero) Tbk (BNI), and Lembaga Pembiayaan Ekspor Indonesia (Indoexim). At the same time, Fitch Ratings Indonesia has affirmed the national ratings on Mandiri, BRI, BNI, PT Bank Tabungan Negara (Persero) Tbk (BTN) and the ratings of three of the banks' subsidiaries - PT Bank Mandiri Taspen Pos (Bank Mantap), PT Mandiri Tunas Finance (MTF) and PT Bank BRISyariah (BRIS). The rating Outlook on Indoexim is Positive, with all other rating Outlooks Stable. A full list of rating actions is provided at the end of this commentary.
'AAA(idn)' National Long-Term Ratings denote the highest ratings assigned by Fitch on its national rating scale for that country. This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country.
'AA(idn)' National Long-Term Ratings denote expectations of very low default risk relative to other issuers or obligations in the same country. The default risk inherently differs only slightly from that of the country's highest rated issuers or obligations.