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RPT-Fitch Bank Danamon stress level; Pull RWP
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Aug 1 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings affirmed the ratings-ranked PT Bank Danamon Indonesia and appealing Rating Watch Positive (RWP) from the ranks.
Rating Long-Term Issuer Default Rating (IDR) at 'BB +'; rating National Long-Term at 'AA + (idn)', Short-term rating IDR at 'B', Support Rating at '3 'and Viability Rating at' bb + '. prospects are stable.
Revocation of RWP performed after DBS Group Holdings (DBSGH) draw acquisition proposal 67.4% ownership of Temasek Holdings (Temasek) in Bank Danamon.
Rating considerations
This assertion reflects a high level of capital, income adequate, and a moderate level of non-performing loans of Bank Danamon in midst of a slowing domestic economic growth and inflation high.
In April 2012, Fitch placed Bank Danamon in RWP to reflect the impact positively to the credit profile of the acquisition proposal has DBSGH stronger credit profile.
Founded in 1956 and listed on the stock exchange in 1989, Danamon was acquired by Indonesian government in 1999 following the Asian financial crisis and sold to Asia Financial (Indonesia) in 2003. Asia Financial (Indonesia) has an ownership in Bank Danamon was 67.4%. Asia Financial (Indonesia) wholly owned by Fullerton Financial Holdings, the financial holding company of Temasek Holdings.
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