Fitch Ratings - Jakarta - 30 Sep 2020: Fitch Ratings Indonesia has revised the Outlook on the National Long-Term Rating of PT JACCS Mitra Pinasthika Mustika Finance Indonesia to Stable from Negative. The National Long-Term Rating has been affirmed at 'AA(idn)'. A full list of ratings is below.

The action mirrors the Outlook revision on the Long-Term Issuer Default Ratings of JACCS MPM Finance Indonesia's ultimate parent, Mitsubishi UFJ Financial Group, Inc. (MUFG, A-/Stable/a-), to Stable from Negative. This was driven by the affirmation of MUFG's Support Rating Floor (SRF) at 'A-' and the Fitch's expectation that it will remain at least at that level while Japan's sovereign rating (A/Negative) is in the 'A' rating category. For details, see "Fitch Revises Outlook on MUFG Group and Affiliates to Stable, Affirms Ratings", published 24 September 2020, at https://www.fitchratings.com/site/pr/10136841.

KEY RATING DRIVERS

Key rating drivers for JACCS MPM Finance Indonesia can be found in the rating action commentary published 13 August 2020, "Fitch Revises Outlook on Indonesia's JACCS MPMF to Negative; Affirms Ratings", at https://www.fitchratings.com/site/pr/10132674. There have been no material changes to the rating drivers other than Fitch's view on the ability of the Company's parent, JACCS Co. Ltd. (JACCS), and ultimate parent to provide support to the entity, indicated by the revision of the Outlook on the ultimate parent, MUFG, to Stable.

 Additional information can be found at www.fitchratings.com