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Rating Action:

Moody's raises FC deposit ratings of 10 Indonesian banks to Ba2

17 Jan 2011

Action follows sovereign rating move

Singapore, January 17, 2011 -- Moody's Investors Service has raised the foreign currency long-term deposit ratings of 10 Indonesian banks to Ba2 from Ba3. The revised ratings carry stable outlooks.

The 10 banks are Bank Central Asia, Bank CIMB-Niaga, Bank Danamon Indonesia, Bank Internasional Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Bank Tabungan Negara and Pan Indonesia Bank.

The upgrades conclude the reviews initiated on December 1, 2010 and are in line with the rating actions on January 17, 2011 for Indonesia's ratings. Specifically, the foreign currency and local currency government bond ratings were raised to Ba1 from Ba2; foreign currency deposit ceiling to Ba2 from Ba3, and foreign currency bond ceiling to Baa3 from Ba1. See press release of January 17, 2011 for more details on sovereign issues.

RATINGS RATIONALE

PREVIOUS RATING ACTION AND PRINCIPAL METHODOLOGIES

The last rating actions on all ten banks were taken on December 1, 2010 when their Ba3 foreign currency long-term deposit ratings were placed on review for possible upgrade. The reviews were in line with the review initiated on December 1, 2010 for Indonesia's Ba2 foreign currency and local currency government bond ratings; Ba3 foreign currency deposit ceiling, and Ba1 foreign currency bond ceiling.

The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007.

All 10 banks are headquartered in Jakarta. Below are details of their assets at September 2010:

Bank Central Asia IDR310.20 trillion; Bank CIMB-Niaga IDR129.14 trillion; Bank Danamon Indonesia IDR105.22 trillion; Bank Internasional Indonesia IDR72.20 trillion; Bank Mandiri IDR409.37 trillion; Bank Negara Indonesia IDR224.81 trillion; Bank Permata IDR66.88 trillion; Bank Rakyat Indonesia IDR325.94 trillion; Bank Tabungan Negara IDR63.50 trillion; and Pan Indonesia Bank IDR95.73 trillion.

The detailed ratings and actions are:

Bank Central Asia: The foreign currency long-term deposit rating was raised to Ba2 from Ba3. The revised rating carries a stable outlook. All other ratings were unaffected and have stable outlooks: Baa3 global local currency (GLC) deposit; Ba1 foreign issuer; Not Prime foreign currency short-term deposit; and D+ bank financial strength (BFSR), which maps to a Ba1 baseline credit assessment (BCA).

Bank CIMB-Niaga: The foreign currency long-term deposit rating was raised to Ba2 from Ba3. The revised rating carries a stable outlook. All other ratings were unaffected and have stable outlooks: Baa3 GLC deposit; Ba1/Ba1 foreign currency issuer/subordinated debt; Not Prime foreign currency short-term deposit; and D BFSR, which maps to a Ba2 BCA.

Bank Danamon Indonesia: The foreign currency long-term deposit rating was raised to Ba2 from Ba3. The revised rating carries a stable outlook. All other ratings were unaffected and have stable outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term deposit; and D BFSR, which maps to a Ba2 BCA.

Bank Internasional Indonesia: The foreign currency long-term deposit rating was raised to Ba2 from Ba3. The revised rating carries a stable outlook. All other ratings were unaffected and have stable outlooks: Baa3 GLC deposit; Ba1 foreign currency issuer; Not Prime foreign currency short-term deposit; and D BFSR, which maps to a Ba2 BCA.

Bank Mandiri: The foreign currency long-term deposit rating was raised to Ba2 from Ba3. The revised rating carries a stable outlook. All other ratings were unaffected and have stable outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term deposit and D BFSR, which maps to a Ba2 BCA.

Bank Negara Indonesia: The foreign currency long-term deposit rating was raised to Ba2 from Ba3. The revised rating carries a stable outlook. All other ratings were unaffected: Baa3 GLC deposit; Not Prime foreign currency short-term deposit and D- BFSR, which maps to a Ba3 BCA. All carry stable outlooks except the BFSR which has a positive outlook.

Bank Permata: The foreign currency long-term deposit rating was raised to Ba2 from Ba3. The revised rating carries a stable outlook. All other ratings were unaffected and have stable outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term deposit; and D- BFSR, which maps to a Ba3 BCA.

Bank Rakyat Indonesia: The foreign currency long-term deposit rating was raised to Ba2 from Ba3. The revised rating carries a stable outlook. All other ratings were unaffected and have stable outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term deposit and D+ BFSR, which maps to a Ba1 BCA.

Bank Tabungan Negara: The foreign currency long-term deposit rating was raised to Ba2 from Ba3. The revised rating carries a stable outlook. All other ratings were unaffected and have stable outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term deposit and D- BFSR, which maps to a Ba3 BCA.

Pan Indonesia Bank: The foreign currency long-term deposit rating was raised to Ba2 from Ba3. The revised rating carries a stable outlook. All other ratings were unaffected and have stable outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term deposit; and D BFSR, which maps to a Ba3 BCA.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings and public information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

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Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

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Beatrice Woo
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Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
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Moody's raises FC deposit ratings of 10 Indonesian banks to Ba2
No Related Data.
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