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February 25, 2008 |
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BANK MANDIRI: Fitch Lifts Issuer Default Rating to BB from BB- Fitch ratings has taken rating actions on Indonesian banks. "Apart from the sovereign action, the upgrades in the banks' IDRs reflect their financial improvement in the past year, and our expectations that operating conditions in Indonesia should remain generally supportive of credit quality going forward," notes Tan Lai Peng, Director with Fitch's Financial Institutions group. The Outlook has been revised to Stable from Positive. This follows a similar revision on the Indonesian sovereign where the Long-term IDRs were raised to 'BB' from 'BB-' and the Outlook revised to Stable from Positive. The Individual ratings, Short- term IDRs and National Ratings have been affirmed. Also, the Support Ratings of state-owned and/or systemically large banks have been upgraded to '3' from '4'. Their Support Rating Floors have been upgraded to 'BB-' from 'B+' or 'B' previously to reflect the stronger financial ability of the sovereign state to provide support. Bank Mandiri -- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook revised to Stable from Positive; -- Support rating upgraded to '3' from '4'; -- Support Rating Floor upgraded to 'BB-' from 'B+'; -- Individual rating affirmed at 'C/D', ST IDR affirmed at 'B'; -- National Long-term affirmed at 'AA+(idn)'; -- FC senior and subordinated debt ratings upgraded to 'BB' and 'BB-' |
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