Fitch Ratings has today assigned PT Bank Pan Indonesia Tbk's proposed five-year Rupiah senior unsecured bonds an expected rating of AA(idn), and its seven-year Rupiah subordinated debt an expected rating of A+(idn).
The final ratings are contingent on receipt of final documentation conforming to information already received.
The senior unsecured bonds issuance is rated the same as Panin's National Long-term rating as it constitutes direct, unsubordinated and unsecured obligations of the bank, hence would rank pari passu with all its other unsecured and unsubordinated obligations.
The subordinated debt rating is two notches below the bank's 'AA(idn)' National Long-term rating, and reflects the presence of cumulative deferral conditions not previously included in subordinated debt issuances by Indonesian banks prior to 2009; these conditions are now required in compliance with Bank Indonesia's (BI) regulation on Minimum Capital Adequacy Requirement for Commercial Banks (PBI No. 10/15/PBI/2008).
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