(Repeat in English language and with addtioinal subscribers)
March 20 (Reuters) - (The following statement was released by the rating agency) Fitch Ratings assigned a rating‘AA + (idn)’ senior unsecured bonds to be issued by II/2013 PT BII Finance Center (BIIF) of 1.5 trillion dollars with maturities maximum of 5 years consideration The ranking Bonds rated at the same level with the national ranking Term BIIF long at ‘AA + (idn)’ because it reflects the company’s obligation bond that is direct, an unconditional obligation, unsecured and not a subordinated debt of the company. Proceeds from the issuance of MTN will be used to support the business growth of the company. The ratings reflect Fitch’s expectation BIIF reflect on timely support from the majority shareholder, International Bank Indonesia Tbk (BII; ‘BBB’ / ‘AAA (idn)’ / Stable) and of the ultimate parent company, Malayan Banking Berhad (Maybank; ‘A-’ / Stable) if necessary. BIIF wholly owned by BII and focus on the business car financing Indonesia. The ratings also consider the company’s integration with BII and important position in developing BIIF against Maybank bisnisya in Indonesia’s consumer market is growing rapidly. BII continues to provide funding support to the BIIF through co-financing scheme where BII bear most of the credit risk. Factors Fueling Rating Developments indicate a weakening of support from the parent company, such as a significant change in ownership or a decreased ability of the parent financial companies, can lead to a downgrade BIIF up several levels. This is due to the company’s standalone credit profile is not enough adequate to support the company’s current ratings.