Fitch Ratings affirmed PTPanin Sekuritas Tbk's national long- and short-term ratings at AA-(idn)and F1+(idn), respectively, with a stable outlook.
The company's long-term rating reflects expectations of verylow default risk relative to other issuers or obligations in Indonesia, Fitch saidMay 3. The firm's short-term rating indicates the strongest capacity for timelypayment of financial commitments relative to other issuers or obligations.Panin Sekuritas' national ratings also take into account the company's consistentlysolid capitalization and low risk appetite.
The stable outlook reflects expectations that the company willmaintain a steady risk profile over the near to medium term, without significantlyincreasing leverage.
An upgrade in Panin Sekuritas' national ratings is unlikely giventhat Indonesia's capital market is still evolving and the weaker regulatory andoperating environment in the brokerage sector compared to the banking industry.Conversely, a downgrade of the company's ratings could result from an increase inrisk appetite, which could arise if it invests significantly in new business ventures.