Fitch Ratings upgraded the short-term foreign currency issuer default ratings of PT Bank Maybank Indonesia Tbk and PT Bank OCBC NISP Tbk to F2 from F3.
At the same time, the rating agency affirmed the two banks' long-term issuer default ratings at BBB, with stable outlooks. The upgrade of the two banks' short-term ratings reflects Fitch's view that the propensity of parental support for the banks is more certain in the near-term.
Meanwhile, Fitch affirmed PT Bank CIMB Niaga Tbk's long- and short-term issuer default ratings at BBB- and F3, respectively, with a stable outlook. In addition, the national long-term ratings of PT Bank UOB Indonesia at AAA(ind), PT CIMB Niaga Auto Finance at AA(idn), PT Maybank Indonesia Finance at AA+(idn) and PT Wahana Ottomitra Multiartha Tbk at AA-(idn). The national short-term ratings of the four companies were all affirmed at F1+(idn).
The ratings on Maybank Indonesia, Bank OCBC NISP, Bank CIMB Niaga and Bank UOB Indonesia reflect the view that each bank's higher-rated foreign parent has the ability and high propensity to provide timely extraordinary support to its respective unit in Indonesia when needed.