Feb 2, 2011

CIMB Niaga subdebt assigned AA(idn)

Fitch Ratings has today assigned a final AA(idn) rating to PT Bank CIMB Niaga Tbk's (AAA(idn)/stable) Rp1.6 trillion 10-year subordinated debt II Bank CIMB NIAGA 2010.
This rating action follows the completion of the subordinated debt issuance and receipt of documents conforming to information previously received.
The final rating is the same as the expected rating assigned in November 2010 (for more information please refer to the rating action commentary, entitled Fitch Rates CIMB Niaga's Rupiah Subordinated Bonds Expected AA(idn), dated 24 November 2010).
Established in 1955 and listed in 1989, CIMB Niaga is the fifth-largest bank in Indonesia in terms of assets.
As of 30 September 2010, CIMB Group, the second-largest banking group in Malaysia, owned 97.91% (including PT Commerce Capital of 1.02%) of CIMB Niaga.

Disclosure: No position at the stock mentioned above.

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