Fitch Assigns 'AAA(idn)' Rating

Fitch Assigns 'AAA(idn)' Rating

18 March 2020 – Fitch Ratings Indonesia has assigned a National Long-Term of 'AAA(idn)' to PT Bank QNB Indonesia Tbk's (AAA(idn)/Stable) IDR 100 billion bond issuance under the first tranche of the Bank's first bond programme. The bonds were issued on 5 July 2019 with a maturity of three years and the proceeds have been used to support the Bank's growth.

'AAA' National Long-Term Ratings denote the highest rating assigned by the agency in its National Rating scale for that country. This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country or monetary union.

QNB Indonesia's rating is support-driven and reflects Fitch's expectation that the bank's higher-rated parent has high ability and propensity to provide timely extraordinary support to its Indonesian subsidiary, should it be needed. QNB Indonesia is 92.5%-owned by Qatar National Bank (Q.P.S.C.) (QNB, A+/Stable/bbb+), whose Issuer Default Ratings are in turn driven by Fitch's expectation of the Qatari authorities' (AA-/Stable) ability and propensity to support its banks.

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PT Bank QNB Indonesia Tbk