Fitch Ratings on Friday upgraded PT Bank Negara Indonesia’s long-term foreign and local currency credit rating to BB+ from BB with a stable outlook.
“The positive revisions reflect the bank’s improved financial profile, as demonstrated by its stronger profitability and better reserved non-performing loans,” said Humprey Tjia, associate director with Fitch’s financial institutions group.
Fitch also upgraded PT Bank Tabungan Pensiunan Nasional’s long-term rating to AA-(idn) from A+(idn) with a stable outlook.
BNI’s core profitability increased to 3.5 percent in 2009, compared to 3.2 percent in 2008, despite a more difficult operating environment from the fourth quarter of 2008 to the first half of 2009. Fitch also lifted the rating of BTPN’s Rp 750 billion senior unsecured 2009 bonds to AA-(idn) from A+(idn).