Fitch Ratings Indonesia has maintained KB Finansia Multi Finance's AAA(idn) national long-term rating, with a stable outlook, according to a Tuesday release.

AAA national ratings signify the top rating that Fitch assigns for a country, based on the lowest expectation of default risk compared to other issues or obligations in the same country or monetary union.

The financing company's rating considers a high possibility of extraordinary support from Korean credit card and auto finance provider KB Kookmin Card, which owns a majority 80% stake in the company.

KB Financial Group (KRX:105560) wholly owns KB Kookmin Card.

Fitch expects the broader group's support to apply to the Indonesia-based company, given KB Kookmin Card's controlling share, a common brand, intragroup synergies, and strategic efforts to expand in the major Southeast Asian country.

However, the financing company's fluctuating performance and narrow profit contribution constrain the shareholder's propensity to support its subsidiary, Fitch said.

Fitch assesses the company as having a weak standalone credit profile, given its limited market share, asset-quality pressures, dampened profitability, and increased leverage compared to peers.

The company will face asset quality and profitability impediments in 2025, but these could be offset by stable funding access from perceived shareholder support, Fitch said.

Deterioration in the credit profiles of the major shareholder and the ultimate parent, the propensity to support the Indonesian subsidiary, or the removal of shareholder support would prompt future negative rating actions on the subsidiary, according to Fitch.