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Fitch assigns 1st-time rating to Bank QNB Indonesia

Fitch Ratings assigned PT Bank QNB Indonesia Tbk a national long-term rating of AAA(idn), with a stable outlook.

Bank QNB Indonesia is a subsidiary of Qatar National Bank (QPSC).

The rating agency said Oct. 16 that the rating underscores Qatar National Bank's high ability and propensity to offer timely extraordinary support to Bank QNB Indonesia despite the unit's weak financial performance in the past few years.

Bank QNB Indonesia's national long-term rating is not driven by its weak standalone profile, which is constrained by its small franchise, above-average risk appetite, weak asset quality and profitability.