Fitch lowers Bank Mayapada

Fitch Ratings said it downgraded the national long-term rating of PT Bank Mayapada Internasional Tbk. to BBB+(idn) from A-(idn) and national short-term rating to F2(idn) from F1(idn).

The outlook is stable.

The downgrades reflect an assessment of the bank's continued strong appetite for credit growth, despite a prevailing weaker operating environment for banks in Indonesia and heightened risks to its asset quality and capitalization as a result, Fitch said.

The rating reflects an assessment of the bank's small franchise, strong appetite for credit growth with associated growth risk to its already weak asset quality, below-industry-average capitalization and weak deposit funding profile, the agency said.

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