...Government Support Drives Ratings: PT Bank Tabungan Negara (Persero) Tbk's (BTN) National Ratings are support-driven, reflecting Fitch Ratings Indonesia's view of a high probability that extraordinary government support would be forthcoming, if required. The assessment is underpinned by the state's majority ownership of the bank, including 59% through PT Danantara Asset Management and 1% through the State-Owned Enterprises Regulatory Agency, its well-entrenched quasi-policy role, and moderate systemic importance as Indonesia's fifth-largest commercial bank. The bank is designated as a domestic systemically important bank by the regulator and held around 3.8% of industry assets at end-June 2026. Strong Propensity to Support: We believe the Indonesian sovereign (BBB/Negative) has a strong propensity to provide extraordinary support to BTN, if needed. This reflects the bank's key role in providing housing finance. We believe a default by BTN could disrupt the housing sector with significant...
