Permata's rating raised by Moody's

Permata's rating raised by Moody's

JAKARTA: PT Bank Permata, Indonesia's seventh- largest lender, had its bank financial strength rating raised by one level by Moody's Investors Service, which cited the reputation of the bank's shareholders.

The Jakarta-based lender's financial strength rating was raised to E+, its fourth-lowest rating, from E, with a positive outlook, Moody's said today in an e-mailed statement.

"Moody's believes that Permata faces brighter prospects under the ownership of its new shareholder," it said in the statement. "Given the reputation of its shareholder consortium, Standard Chartered Bank and PT Astra International, any support - - financial and technical -- should be strong," it said.

Standard Chartered Plc, a U.K. bank that makes two-thirds of its profit in Asia, and Indonesian auto distributor Astra International control the Indonesian lender. The B3 rating on Permata's long-term deposits was maintained by Moody's. -- Bloomberg