05 March 2013
PEFINDO affirmed its "idA" rating of PT Bank Pembangunan Daerah Sumatera Barat or Bank Nagari (BSBR or the Bank) and to the Bank's outstanding Bond VI/2010 of IDR500 billion. PEFINDO also affirmed its "idA(sy)" rating of the Bank's outstanding Sukuk Mudharabah I/2010 of IDR100 billion and its "idA-" rating of the Bank's outstanding Subordinated Debt I/2010 and Subordinated Debt II/2012 of IDR81 billion and IDR225 billion, respectively. Outlook for the corporate rating is "stable". The ratings reflect the Bank's strong market position in its captive market and strong profitability. However, the ratings are constrained by the Bank's high non-performing loan from productive segment and challenge in raising additional capital.
PEFINDO affirmed its "idA" rating of PT Bank Pembangunan Daerah Sumatera Barat or Bank Nagari (BSBR or the Bank) and to the Bank's outstanding Bond VI/2010 of IDR500 billion. PEFINDO also affirmed its "idA(sy)" rating of the Bank's outstanding Sukuk Mudharabah I/2010 of IDR100 billion and its "idA-" rating of the Bank's outstanding Subordinated Debt I/2010 and Subordinated Debt II/2012 of IDR81 billion and IDR225 billion, respectively. Outlook for the corporate rating is "stable". The ratings reflect the Bank's strong market position in its captive market and strong profitability. However, the ratings are constrained by the Bank's high non-performing loan from productive segment and challenge in raising additional capital.
BSBR was established in 1962 as a regional development bank (Bank Pembangunan Daerah or BPD). The Bank offers complete banking services including corporate, commercial, consumer, micro/retail, treasury, and sharia. As of Dec 31, 2012 (FY2012), the Bank was 36.7% owned by Province Regional Government of West Sumatera, 41.5% by Municipal Regional Government of West Sumatera, 20.6% by City Regional Government of West Sumatera, and the remaining 1.2% shares by BSBR's Employees Cooperative.
© Press Release 2013
