Print History, BTN Wins The Highest Ranking Of Pefindo

Photo: Doc. BTN

JAKARTA - PT Bank Tabungan Negara (Persero) Tbk (BTN) successfully won the highest ranking idAA/Stable from PT Pemeringkat Efek Indonesia (Pefindo) on the company's performance and financial statements as of December 2022 and March 2023.

President Director of Bank BTN Nixon LP Napitupulu said the achievement was an appreciation for the company's hard work in improving performance, especially after the pandemic era.

The predicate is a historical record for Bank BTN because it first won the highest ranking of Pefindo idAAA. We will continue to improve performance in order to support the achievement of business targets and the provision of houses for the people of Indonesia," Nixon said in Jakarta, Saturday, June 10.

Meanwhile, Pefindo pinned the idAA rating to Bank BTN on the company's data and financial reports as of March 31, 2023 and December 31, 2022. Bank BTN is also considered by Pefindo as a company that has superior ability to fulfill its long-term financial commitments compared to other Indonesian obligors.

"Obligor ranked idAA is the highest ranking given by Pefindo," wrote Pefindo President Director Irmawati.

Meanwhile, Bank BTN this year also recorded an increase in Fitch's ranking from AA to AA+. Bank BTN is also embedded with a stable outlook by Fitch for the strong support of the Government and the company's role in the Indonesian economy.

In a press release, recently, Fitch Rating explained that the increase in the national rating of Bank BTN was driven by the company's position which was ranked fifth as the largest commercial bank in Indonesia.

This position, according to Fitch, will make the Government tend to provide the support needed by Bank BTN, especially since the company is a bank that plays a role in the Government's program for more affordable housing.

The form of strong support for Bank BTN is also shown in the Government's full participation in the Rights Issue, where Bank BTN earned IDR 4.13 trillion, Fitch said in its report.

In the report, Fitch said, Bank BTN which aspires to be Best Mortgage Bank in South East Asia has a difficult role to replace.

"In addition, Bank BTN also synergizes with entities related to the Government, so the Government will continue to support Bank BTN," Fitch wrote.