INDONESIA - RATINGS - Fitch upgrades Bank Syariah Mandiri to 'AA+(idn)'/Stable

(The following was released by the rating agency)

JAKARTA/SINGAPORE, December 12 (Fitch) Fitch Ratings has upgraded PT Bank Syariah Mandiri's (BSM) National Long-Term rating to 'AA+(idn)' from 'AA(idn)'. The Outlook is Stable.

Its subordinated bond I/2007 has also been upgraded to 'AA(idn)' from 'AA-(idn)'. At the same time, the agency has assigned BSM's proposed Islamic subordinated bond totalling up to IDR500bn with a maturity of up to 10 years a 'AA(idn)' rating. (source)

WORLD - RATINGS - Fitch afrms Islamic Development Bank at 'AAA'/'F1+'

Nov 16- Fitch Ratings has affirmed the Islamic Development Bank's (IDB) Long-term Issuer Default Rating (IDR) at 'AAA' with a Stable Outlook and Short-term IDR at 'F1+'.

The ratings primarily reflect IDB's strong capitalisation. The bank is one of the most highly capitalised multilateral development banks (MDBs) rated by Fitch. The equity to assets ratio has remained above 65% since inception (70.7% at end-1431H, equivalent to 6 December 2010 in the Gregorian calendar). The IDB also maintains comfortable liquidity and compliance with Sharia'h principles induces extremely low leverage (21.3% at end-1431H). (source)

RATINGS - Rupiah Advances After Fitch Raises Indonesia’s Rating Outlook

Indonesia’s rupiah gained on Friday after Fitch Ratings raised its outlook on Southeast Asia’s biggest economy to positive from stable.

The company affirmed its BB+ grade on the nation’s local- and foreign-currency debt yesterday, one step below investment grade. The rupiah has advanced 1.3 percent this year, the best performance among Asia’s 10 most-traded currencies, as official data show overseas funds increased holdings of Indonesian government bonds by 2 percent from the end of last year to 199.8 trillion rupiah ($22.6 billion) as of Feb. 22. (source)

RATINGS - Fitch Upgrades Bank Syariah Mandiri's National Rating to AA(idn)

Theindonesiatoday.com - Fitch Ratings has today upgraded PT Bank Syariah Mandiri's (BSM) National Long-term rating to 'AA(idn)' from 'AA-(idn)', and its subordinated Islamic bond I/2007 to 'AA-(idn)' from 'A+(idn)'. 

The outlook is Stable. The Islamic bond I/2007 is rated a notch below its National Long-term rating to reflect its subordinated status and non-deferral features.

CAPITAL MARKETS - RATING - AMANAH SYARIAH (Managed by PT PNM INVESTMENT MANAGEMENT)

PEFINDO affirmed its “_idA-_f” credit quality rating for PNM Amanah Syariah (“the Fund”), a fixed-income mutual fund managed by PT PNM Investment Management (PNMIM).  The rating is based on the Fund’s portfolio as of September 30, 2010. 

RATING - Bank Mandiri Tbk.

PEFINDO affirmed the rating of “_idAAA” to PT Bank Mandiri (Persero) Tbk, (BMRI or the Bank) and “_idAA+” to its IDR3.5 trillion subordinated bond.  The outlook for these ratings is “stable.”  The ratings reflect strong support from the Government of Indonesia, the Bank’s superior market position, and improving asset quality performance.  However, the ratings are constrained by BMRI’s Net Interest Margin (NIM) which is slightly below average.

RATING - PEFINDO - AMANAH SYARIAH (Managed by PT PNM INVESTMENT MANAGEMENT) - Aug 2, 2010

PEFINDO affirmed its “_idA-_f” credit quality rating for PNM Amanah Syariah (“the Fund”), a fixed income mutual fund managed by PT. PNM Investment Management (PNIM). 

The rating was assigned based on the Fund’s portfolio as of June 30, 2010. The rating reflects that the Fund’s underlying assets provide adequate protection against losses from credit defaults. Contribution of “A” and below rated assets to total NAV increased to 44.7% from 41.2% as of May 31, 2010.