S&P Affirms Ratings On Indonesian Banks.MELBOURNE, Australia--(BUSINESS WIRE)--Aug. 27, 1998--Standard & Poor's CreditWire 8/27/98--Standard & Poor's today affirmed its ratings on seven Indonesian banks and withdrew its rating on one bank (see list below) following the Indonesian government's recent announcement to either merge, freeze, or nationalize na·tion·al·ize tr.v. na·tion·al·ized, na·tion·al·iz·ing, na·tion·al·iz·es 1. To convert from private to governmental ownership and control: nationalize the steel industry. 2. six of these eight banks. The ratings on Bank Negara Indonesia Bank Negara Indonesia, commonly known known as BNI, is an Indonesian bank. It has branches primarily in Indonesia, but also in Singapore,Hong Kong,London, and New York. It has 1000 branches and 9 million customers. Persero TBK (P.T.) (Bank BNI BNI Business Network International BNI Business Networking International BNI Bank Negara Indonesia BNI Bechtel National, Inc. BNI British Nursing Index BNI Barrow Neurological Institute (Phoenix, AZ) ) and Bank Internasional Indonesia (P.T.)) (BII BII Bank Internasional Indonesia BII British Institute of Innkeepers BII Bioindustry Initiative (US Department of State) BII Bronco II (Ford truck; predecessor of the Explorer) BII Basic Issue Item ) are affirmed, as these banks are unaffected by the government announcement. Their long-term local currency ratings remain on CreditWatch, with negative implications as a result of the uncertain success of the Indonesian government's efforts to initiate a recovery of the banking sector. The public information (pi) ratings of triple-'Cpi' on state-owned Bank Dagang Negara (Persero) (P.T.)) (BDN BDN Borland Developer Network BDN Bangor Daily News (Maine, USA) BDN Business Development Network BDN Bell Data Network BDN Bulk Data Network BDN Busy Doing Nothing (band) BDN Buffered Delta Network ), Bank Bumi Daya (Persero) (P.T.)) (BBD BBD In currencies, this is the abbreviation for the Barbados Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and Bank Ekspor Impor Indonesia (Persero) (P.T.)) (Bank Exim) are affirmed following the government's plan to merge the three banks with state-owned Bank Pembangunan Indonesia (Persero) (Bapindo) (not rated) and the corporate banking operations of state-owned Bank Rakyat Indonesia Bank Rakyat Indonesia or PT. Bank Rakyat Indonesia (Persero) (BRI), (tr. People's Bank of Indonesia), is one of the larger banks in Indonesia. It specialises in small scale and microfinance style borrowing from and lending to its approximately 30 million retail clients through its (Persero) (P.T.)) (BRI See ISDN. BRI - Basic Rate Interface ) to form a new bank, to be named Bank Mandiri. The ratings on BDN, BBD and Bank Exim will be withdrawn, and a rating will be assigned to Bank Mandiri when the merger takes place. The triple-'Cpi' rating on BRI is affirmed; the rating will be reviewed again when the full impact of the divestiture of BRI's corporate book on the bank's profile can be better assessed. The rating on Bank Central Asia Bank Central Asia (BCA) is an Indonesian bank founded on August 10 1955. The Asian monetary crisis in 1997 had a tremendous impact on Indonesia’s entire banking system. In particular, it affected BCA’s cash flow and even threatened its survival. (P.T.)) remains 'N.M.' (not meaningful; which is used to indicate the bank is subject to regulatory intervention) despite the government's plan to nationalize BCA, along with Bank Danamon, Bank PDFCI, and Bank Tiara (all three are not rated), on the grounds that the government intends to sell these banks in the near future. The 'N.M.' rating on Bank Dagang Nasional Indonesia (P.T.)) (Bank BDNI BDNI base de données nationale de l'identification ) is withdrawn, reflecting the government's action of suspending the operations of Bank BDNI, and those of Bank Umum Nasional and Bank Modern (both not rated) in likely preparation for eventual liquidation, Standard & Poor's said. -- CreditWire. -0- RATINGS AFFIRMED Bank Negara Indonesia Persero TBK (P.T.) Local currency long-term counterparty rtg B-/Watch Neg Local currency short-term counterparty rtg C Foreign currency counterparty rtgs CCC-/Negative/C US$145 million notes due 2007 CCC- Bank Internasional Indonesia (P.T.) Local currency long-term counterparty rtg B-/Watch Neg Local currency short-term counterparty rtg C Foreign currency counterparty rtgs CCC-/Negative/C PI RATINGS AFFIRMED Bank Dagang Negara (Persero) (P.T.) CCCpi/--/-- Bank Bumi Daya (Persero) (P.T.) CCCpi/--/-- Bank Ekspor Impor Indonesia (Persero) (P.T.) CCCpi/--/-- Bank Rakyat Indonesia (Persero) (P.T.) CCCpi/--/-- Bank Central Asia (P.T.) N.M. PI RATING WITHDRAWN To From Bank Dagang Nasional Indonesia (P.T.) --/--/-- N.M CONTACT: Terry Chan, Singapore (65) 239-6360 Alison Murray, Melbourne (61) 3-9250-4534 For more information on criteria or subscriptions: http://www.ratings.standardpoor.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion