Danamon and BTN Rating Downgrade by Goldman Sachs

Bank Danamon Indonesia (BDMN), the bank owned by Temasek Holdings Pte and Deutsche Bank AG, had its rating cut to "Sell" from "Neutral" by Goldman Sachs Group Inc, which said funding costs will likely start rising in the fourth quarter.

Goldman Sachs also downgraded rating Bank Tabungan Negara (BBTN) from "Buy" to "Neutral"  with same reason about rising cost of fund.


Meanwhile, BankRakyat Indonesia (BBRI) was downgraded to "Hold" from "Buy" at Kim Eng Sekuritas by equity analyst Rahmi Marina. The 12 month target price is IDR 11.400 per share.