News

Bank Mega rated “idAA-” from Pefindo

Dec. 1, 2021

PEFINDO has assigned its “idAA-” corporate credit rating to PT Bank Mega Tbk (Bank Mega). The outlook for the rating is “stable.

An obligor rated idAA differs from the highest-rated obligors only to a small degree, and has a very strong capacity to meet its long-term financial commitments relative to that of other Indonesian obligors. The minus (-) sign indicates that the rating is relatively weak within its category.

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

The rating may be raised if Bank Mega substantially strengthens its market position and simultaneously improves its retail funding profile on a sustained basis. However, the rating may be lowered if its market presence shrinks markedly or its financial indicators deteriorate significantly.

Bank Mega is a private commercial bank, focusing on the corporate and consumer segments. As of 9M2021, 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.