Fitch Ratings - Jakarta - 13 May 2022: Fitch Ratings Indonesia has affirmed the National Long-Term Rating of PT JACCS Mitra Pinasthika Mustika Finance Indonesia (JACCS MPMF) at 'AA(idn)'. Its National Short-Term Rating and senior bond ratings have concurrently been affirmed at 'F1+(idn)' and 'AA(idn)', respectively. The Outlook is Stable.

'AA' National Long-Term Ratings denote expectations of a very low level of default risk relative to other issuers or obligations in the same country or monetary union. The default risk inherent differs only slightly from that of the country's highest rated issuers or obligations.

'F1' National Short-Term Ratings indicate the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

KEY RATING DRIVERS

NATIONAL RATINGS

JACCS MPMF's ratings are based on Fitch's expectation of extraordinary support from its materially stronger parent, JACCS Co. Ltd. (JACCS), in times of need. JACCS owns 60% of the Indonesian finance subsidiary, and is 21.9%-owned by Mitsubishi UFJ Financial Group, Inc. (MUFG, A-/Stable/a-).