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Fitch rates Bank Internasional notes AA(idn)
Fitch Ratings said it assigned PT Bank Internasional Indonesia Tbk's proposed seven-year rupiah subordinated debt an expected AA(idn) rating.
The expected subordinated debt rating is two notches below the bank's AAA(idn) national long-term rating, reflecting the instrument's cumulative interest deferral conditions, Fitch said.
The proceeds will be used to strengthen its regulatory capital base and fund business growth, the agency said.
Fitch said these instruments contain hybrid equity-like features and the cumulative coupon deferral is considered a form of going-concern loss absorption, a feature that is reflected in at least a two-notch differential between the hybrid security rating and the issuer's rating.
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