...Support-Driven Ratings: PT Bank UOB Indonesia's (UOBI) National Ratings reflect Fitch Ratings' view of a high likelihood of timely extraordinary support from the bank's higher-rated parent, United Overseas Bank Limited (UOB, AA-/Stable/aa-), if required. UOBI is 99%-owned by UOB, and we believe that UOBI is a strategically important overseas subsidiary of the group. We view UOBI's support-driven credit profile as stronger than its standalone credit profile. Its parent's Viability Rating (VR), from which we derive the support assessment for UOBI, is six notches above Indonesia's operating environment score of 'bbb-'. Our assessment is also conditioned by UOBI's moderate local franchise, reflected in its market share of only around 1.4% of system assets as of June 2024. Anchored to Parent's VR: UOBI's National Ratings are anchored to UOB's VR, as we believe that any potential support, if required, would most likely come from the UOB group's internal financial resources. High Ability to Support:...
