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April 11 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings gave a rating of ‘AA + (idn)’ on the proposed issuance of medium term notes (MTN) II 2013 for a maximum of 400 billion dollars a maximum period of 3 (three) years to be published by PT CIMB Niaga Auto Finance’s (CNAF;‘AA + (idn)’ / Stable) in Indonesia.
consideration The ranking
MTN is rated the same as the National Long-Term rating CNAF areflects Fitch’s view of the obligations of corporate bonds that aredirect, conditional, not guaranteed and is not payablesubordination. The results of these bonds will be used to supportbusiness growth of the company.
CNAF ratings reflect Fitch’s expectation will support strongcontinuous from the majority shareholder, PT Bank CIMB Niaga Tbk (CIMB Niaga;‘BBB’ / Stable) and its parent company, CIMB Group (CIMBG; flagship CIMB BankBerhad ).
Initiator Level Factors
Significant dilution of ownership, and / or the possibility of weakeningsupport of CIMB Niaga and CIMB Group will be able to put pressure onCNAF rank. CNAF ratings already at the upper limit of the national scale,so the potential increase in ranking is limited.
Founded in 1981, CNAF is owned by CIMB Niaga (99%) and focuses oncar finance business in Indonesia. CIMB Niaga is the fifth-largest bank in Indonesia and majority-owned by CIMB Group.