Fitch Affirms Bank Syariah Indonesia’s Long-Term IDR at ‘BB+’, National Rating at ‘AA(idn)’; Stable Outlook

Fitch Ratings (Fitch) has affirmed Bank Syariah Indonesia’s (BSI; formerly Bank BRISyariah) Long-Term Issuer Default Rating (IDR) at 'BB+' following the completion of the merger with Bank Syariah Mandiri and Bank BNI Syariah, which took place on the 1st of February 2021.

Concurrently, Fitch Ratings Indonesia has affirmed BSI’s National Long-Term Rating at ‘AA(idn)’ and National Short-Term Rating at ‘F1+(idn)’. The long-term rating’s Outlook is Stable.

Ratings Rationale

The ratings reflect Fitch’s expectation that BSI would receive extraordinary support from its majority shareholder Bank Mandiri, which owns 50.95% of BSI following the merger. Bank Negara Indonesia holds 24.91% and Bank Rakyat In...