Moody's raises FC deposit ratings of Indonesian banks

Moody's raised the foreign currency long-term deposit ratings of 10 Indonesian banks to Ba2 from Ba3. The revised ratings carry stable outlooks.

The 10 banks are Bank Central Asia, Bank CIMB-Niaga, Bank Danamon Indonesia, Bank Internasional Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Bank Tabungan Negara and Pan Indonesia Bank.

The upgrades conclude the reviews initiated on December 1, 2010 and are in line with the rating actions on January 17, 2011 for Indonesia's ratings. Specifically, the foreign currency and local currency government bond ratings were raised to Ba1 from Ba2; foreign currency deposit ceiling to Ba2 from Ba3, and foreign currency bond ceiling to Baa3 from Ba1. See press release of January 17, 2011 for more details on sovereign
issues.

 The last rating actions on all ten banks were taken on December 1, 2010 when their Ba3 foreign currency long-term deposit ratings were placed on review for possible upgrade. The reviews were in line with the review initiated on December 1, 2010 for Indonesia's Ba2 foreign currency and local currency government bond ratings; Ba3 foreign currency deposit ceiling, and Ba1 foreign currency bond ceiling.