Indonesians Are Feeling Market Gloom Ahead of Major Eid Holiday
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Indonesia's market turmoil is adding to the economic worries sapping sentiment among consumers, businesses and retail investors ahead of one of the Southeast Asian country's biggest holidays.
Benedicta Alvinta, a freelance marketing strategist in the central Java town of Yogyakarta, says the 'nerve-racking' slide in Indonesian stocks hurt her investment portfolio largely focused on shares, followed by government retail bonds, mutual funds and gold.
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AM Best expects that KB Indonesia's planned change in organisational structure with a new intermediate holding company, in compliance with the Indonesian Financial Services Authority's (OJK) new regulation for financial conglomerates, will lead to a more efficient decision-making process and stronger synergy among affiliates in Indonesia, while the support from the group and KBI to KB Indonesia remains unchanged. Negative rating actions could arise if KB Indonesia's risk-adjusted capitalisation significantly deteriorates such as from heightened credit risk following major loss events or from excessive business expansion that materially outpaces the capital growth. Negative rating actions also could occur for KB Indonesia if support from the group and KBI is reduced to an extent that no longer supports the current level of rating enhancement. Positive rating actions could arise if KB Indonesia's operating performance improves and reaches a level that positively distinguishes the company from its industry peers in a sustainable manner. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
