Fitch Ratings Indonesia has assigned a National Long-Term Rating of 'AAA(idn)' to PT Bank QNB Indonesia Tbk's (AAA(idn)/Stable) IDR448 billion bond issuance under the third tranche of the bank's first bond programme, which is rated 'AAA(idn)'.

The bonds have a maturity of 367 days and the proceeds will be used to support the bank's growth.

'AAA' National Long-Term Ratings denote the highest rating assigned by the agency in its National Rating scale for that country. This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country or monetary union.

KEY RATING DRIVERS

The rating on the bonds is at the same level as QNB Indonesia's National Long-Term Rating in accordance with Fitch's criteria. This is because issuance from the programme represents the bank's direct and senior unsecured obligations and ranks equally with all its other senior unsecured obligations.

QNB Indonesia's National Long-Term Rating is support-driven and reflects Fitch's expectation that the bank's higher-rated parent, Qatar National Bank (Q.P.S.C.) (A+/Stable/bbb+), has high ability and propensity to provide timely extraordinary support to its Indonesian subsidiary, should it be needed. For more details, see 'Fitch Affirms QNB Indonesia's 'AAA(idn)' Rating; Outlook Stable', published 11 August 2020 at https://www.fitchratings.com/site/pr/10132546.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative rating action/downgrade:

Any change to the bank's National Long-Term Rating would affect the issue rating.

Please refer to the rating action commentary in the link above for rating sensitivities on QNB Indonesia's National Long-Term Rating.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

There is no rating upside, as the rating is already at the highest point on the National Rating scale.

DATE OF RELEVANT COMMITTEE

10 August 2020

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

QNB Indonesia's support-driven ratings are credit-linked to QNB's ratings based on our expectation of extraordinary support.

RATING ACTIONS

ENTITY/DEBT	RATING

PT Bank QNB Indonesia Tbk

senior unsecured

Natl LT	AAA(idn) 	New Rating

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

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