Fitch Ratings has today assigned a final rating of AA-(idn) to the IDR800bn, 5-year senior bond issue of PT Bank Pan Indonesia Tbk (Panin). This follows the completion of the bond issuance and receipt of documents conforming to information previously received. The final rating is the same as the expected rating assigned in June 2009.
Bank Panin was established in 1971 by the Gunawan family, who remains in control of the bank through a 45% stake held by PT Panin Life Tbk. The Australia & New Zealand Banking Group (ANZ; AA-/Stable) acquired a 29% stake in 1999, which was raised to 30% at end-2007 and to 40% in June 2009.
Wednesday, October 7, 2009
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