Fitch affirms Indonesia-based BII’s IDR of ‘BB’
Fitch Ratings has affirmed PT Bank Internasional Indonesia Tbk’s (BII) Long term foreign currency Issuer Default Rating (IDR) at ‘BB’, following Fullerton Financial Holdings’ (FFH) announcement of its intentions to pursue the sale of its interest in BII.
FFH is a wholly-owned subsidiary of Temasek Holdings (Temasek).
“BII’s Long-term foreign currency IDR is mainly driven by its standalone financial profile as reflected in its Individual rating of ‘C/D’,” said Tan Lai Peng, director of Fitch’s financial institutions group. “This in turn reflects BII’s satisfactory balance sheet position with a lower profitability in 2007, underlining efforts by the bank to clean up its motorcycle financing and credit card businesses.” — www.theasianbanker.com (February 28 2008)–