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Moody's affirms Bangkok Bank, reviews Bank Permata for upgrade

Moody's on Dec. 18 said it affirmed Bangkok Bank PCL's ratings and placed PT Bank Permata Tbk's ratings on review for upgrade following the Thai bank's announcement of its proposed acquisition of a majority stake in the Indonesian lender.

The rating agency affirmed Bangkok Bank's long- and short-term foreign currency bank deposit ratings at Baa1 and P-2, respectively. The bank's baseline credit assessment and adjusted baseline credit assessment were affirmed at "baa1." The outlook is positive.

Meanwhile, Moody's placed on review for upgrade Bank Permata's Baa3 long- and P-3 short-term deposit ratings, as well as its "ba1" adjusted baseline credit assessment. The bank's baseline credit assessment remains unchanged at "ba1."

The ratings actions came after Bangkok Bank on Dec. 12 said it agreed to acquire an 89.12% ownership stake in Bank Permata from Standard Chartered Bank and PT Astra International Tbk for an estimated 37.431 trillion Indonesian rupiah. The deal is subject to regulatory and shareholders' approvals, and is expected to close by the third quarter of 2020.

Moody's said the affirmation of Bangkok Bank's ratings reflects its expectation that the bank's stand-alone credit profile will broadly remain stable after the planned acquisition. Meanwhile, the proposed acquisition will weaken the Thai bank's capitalization because it plans to fund the purchase with internal resources and funding sources other than new equity.

Following the transaction, Moody's said it expects Bank Permata will receive extraordinary support from Bangkok Bank in times of need.

As of Dec. 18, US$1 was equivalent to 14,001 Indonesian rupiah.