Its National Short-Term Rating and senior bond ratings have also been affirmedat 'F1+(idn)' and 'AA(idn)', respectively. The Outlook is Stable.

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

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

KEY RATING DRIVERS

Shareholder Support Drives Ratings:

JACCS MPMF's ratings are driven by Fitch'sexpectation of extraordinary support from majority shareholder JACCS Co. Ltd. (JACCS), aJapanese financing company, which owns a 60% stake in the Indonesian finance company.JACCS is 21.9%-owned by Mitsubishi UFJ Financial Group, Inc. (A-/Stable/a-). We believeJACCS has the ability to support JACCS MPMF as the subsidiary only made up around 2%of the Japanese shareholder's consolidated assets as of June 2023.

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