WOMF's rating is support driven, reflecting Fitch's expectation of a moderate probability of extraordinary support from PT Bank Maybank Indonesia Tbk (Maybank Indonesia; BBB/AAA(idn)/Stable) and ultimate parent, Malayan Banking Berhad (A-/Stable), for the motorcycle-financing subsidiary, if required.

Any changes in WOMF's National Long-Term Rating would affect the issue ratings.

Any significant dilution in ownership by, or perceived weakening of support from, the parents would exert downward pressure on the ratings of WOMF, including the possibility of multi-notch downgrades.

The rating differential between Maybank Indonesia and WOMF could narrow if Fitch thinks WOMF has become more important to the Maybank group's long-term strategy and it is unlikely to be sold.

The ratings are driven by Fitch's view that the parents of CNAF, MIF and WOMF would provide timely support to their subsidiaries, should it be needed.

In the case of WOMF, the ratings reflect moderate linkage with Maybank Indonesia; thus Fitch expects a moderate probability of extraordinary support from Maybank Indonesia, which owns 68.55% of WOMF.

CNAF obtained a capital injection of IDR300bn from CIMB Niaga at end-2014 while WOMF received IDR200bn of fresh capital in 2015 from Maybank Indonesia through a rights issue that slightly increased Maybank Indonesia's stake in the subsidiary.