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Bank Mega Rated "idA+" with Stable Outlook

PEFINDO has assigned its "idA+" corporate credit rating to PT Bank Mega Tbk (Bank Mega). The outlook for the rating is "stable".

An obligor rated idA indicates that the obligor has a strong capacity to meet its long-term financial commitments relative to that of other Indonesian obligors. However, the obligor is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than higher-rated obligors.

The plus (+) sign indicates that the rating is relatively strong within the respective rating category.

The rating reflects Bank Mega's strong position in the banking industry supported by its business synergy with CT Corpora (the Group), very strong capitalization indicators, and strong liquidity and financial flexibility profile. However, the rating is constrained by the Bank's high special mention loans and tight competition in retail fund.

The rating could be raised if Bank Mega substantially strengthens its market position, and at the same time improves its asset quality and profitability indicators on a consistent basis. The rating could be lowered if its market presence falls considerably, or its financial indicators experience significant deterioration, particularly its capitalization and liquidity profiles.

Bank Mega is a private commercial bank, focusing on the corporate and consumer segments. As of September 30, 2019, its shareholders were PT Mega Corpora (58.02%) and public (41.98%). PT Mega Corpora is a holding company for financial services, and it is 99.99% owned by CT Corpora.

Mega Highlights
  Curr             Buy            Sell
USD
14,210
14,990
EUR
16,010
16,879.96
AUD
9,802.16
10,501.16
SGD
10,137.02
10,824.48
JPY
133.56
137.62
BANK MEGA REGISTERED AND SUPERVISED BY THE FINANCIAL SERVICES AUTHORITY

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