Indonesia Bank Sulselbar’s Rating Upgraded to A+

Indonesia Bank Pembangunan Daerah Sulawesi Selatan and Barat’s (Bank Sulselbar) rating and its outstanding bond I/2011 were upgraded to ‘idA+’ from ‘idA’. The rating on bank’s sukuk mudharabah I/2011 was also upgraded to ‘idA+(sy)’ from ‘idA(sy)’ with a stable outlook. The rating upgrade due to its financial indicators are continuously improved including capitalization and asset quality profile, while maintaining its strong presence in the region that is considered to have high economic growth and strong business potential for the bank. The rating reflects Bank Sulselbar’s captive market in South Sulawesi and West Sulawesi province, as well as very strong capitalization and asset quality. However, concentrated funding source from regional government and institutions as well as tight competition in the productive loan segment are the rating constrained.

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