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Bank Tabungan Negara (Persero) Tbk.
Released : March 18, 2010 PEFINDO affirmed the “idAA-” ratings of PT Bank Tabungan Negara (Persero) Tbk (BBTN or the Bank) and the Bank’s Bonds XI-XIII with total amount of IDR3.25 tn. A “stable” outlook is assigned for those ratings. The ratings reflect strong and proven support from Government of Indonesia (GOI) as the controlling shareholder, strong business position in mortgage financing and improving capitalization. However, the ratings are constrained by the Bank’s concentrated funding and moderate profitability. Established under the name of Postpaarbank in 1897, the Bank’s name was changed several times before it is known as Bank Tabungan Negara in 1963. In 1974, BBTN was appointed as the mortgage financing institution for low to medium income borrowers as part of the government’s program for housing development. In 2009, BBTN participated in the first issuance of Residential Mortgage Backed Securities (RMBS or KIK-EBA) in Indonesia. In the same year, The Company also listed its shares in Indonesia Stock Exchange (IDX). As of December 2009, the Bank’s operations were supported by 4,340 employees located in 285 offices (including 20 Syariah branches) throughout the country. BBTN’s network also included 2,045 post offices and 528 self-owned ATMs, which are also connected to ATM Link and ATM Bersama Networks. As of December 2009, Government of Indonesia (GOI) held 71.5% of the Bank’s shares while the remaining 28.5% was owned by public. Rating Period: March 10, 2010 – March 1, 2011
Contact Analyst: Hendro Utomo & Danan Dito
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