Moody’s affirms all ratings of Bank Internasional Indonesia
Moody’s Investors Service has affirmed all ratings of Bank Internasional Indonesia (BII). These include BII’s bank financial strength rating of D, long-term/short-term global local currency deposit rating of Baa3/Prime-3, issuer and foreign currency subordinated debt rating of Ba2, and long-term/short-term foreign currency deposit rating of B1/ Not Prime.
The outlook for all ratings is stable.
This rating action is due to a pending ownership change in BII following the proposed acquisition by the Malaysian bank, Maybank (rated C/A3/P-1), of 100% of Sorak Financial Holdings Pte Ltd (Sorak) for RM4.8 billion (USD1.5 billion). This transaction will effectively give Maybank a controlling 55.7% stake in BII. — www.theasianbanker.com (March 28 2008)–