Fitch changes outlook then withdraws ratings for Bank Sinarmas

Fitch Ratings Indonesia changed its outlook for PT Bank Sinarmas Tbk to stable from negative then withdrew its ratings for the bank, citing commercial reasons.

At the time of withdrawal, the rating agency affirmed the bank's national long-term and short-term ratings at BBB+(idn) and F1(idn), respectively.

Fitch noted that the stable outlook for Bank Sinarmas reflects the lower downside risk that previously affected its overall credit profile.

The long-term national rating of the bank denotes a moderate level of default risk compared with other issuers in Indonesia or in the same monetary union, Fitch said, adding that the bank's short-term rating reflects its capability to settle its financial commitments in a timely manner in comparison with other issuers in the country.