Fitch Ratings Indonesia has assigned Indonesia-based PT Bank Tabungan Pensiunan Nasional Tbk's (BTPN, AAA(idn)/Stable) proposed rupiah senior unsecured bond tranche II 2017 a National Long-Term Rating of 'AAA(idn)'. The bank will issue up to IDR1.5 trillion of bonds, which have a maturity of up to three years. This will be second tranche to be issued under the bank's third senior bond programme, which is rated 'AAA(idn)'. Proceeds from the proposed issue will be used to support the bank's business growth. 'AAA' National Ratings denote the highest rating assigned by Fitch on its national rating scale for that country. This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country.
The proposed bonds are rated at the same level as BTPN's National Long-Term Rating in accordance with Fitch criteria. The rating reflects Fitch's views that BTPN's parent, Sumitomo Mitsui Banking Corporation (SMBC; A/Stable), has a high propensity to provide support to BTPN, in case of need. This view is based on the Indonesian subsidiary's strategic importance to SMBC and is in line with its criteria on rating financial institution subsidiaries and holding companies. The agency believes that Indonesia is an important market for SMBC because of the country's rapid economic growth. However, BTPN has limited synergies with SMBC and is likely to continue to operate with significant management independence in the near term.
The ratings on the bonds are sensitive to any changes to the National Long-Term Rating of BTPN. Downward rating pressure on the bank may arise from any developments leading to a weakening of perceived support from the parent, such as major changes to ownership or a significant weakening in its parent's finances. (end)
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