Fitch rates CIMB Niaga Auto sukuk AA

Fitch Ratings said it assigned an AA(idn) national long-term rating to the sukuk issuance of PT CIMB Niaga Auto Finance. CNAF sold a total of Rp 1 trillion under the Sukuk Wakalah Bi Al-Istitsmar I 2023 program, which consists of Rp 700 billion of series A notes with a wakalah yield of Rp 44.97 billion, equivalent to 6¼% per annum, due February 2024 and Rp 300 billion of series B notes with a wakalah yield of Rp 21.45 billion, equivalent to 7.15% per annum, due February 2026

“The sukuk issuance is rated at the same level as CNAF's national long-term rating in accordance with Fitch's criteria, as it represents the issuer's direct obligations,” the agency said in a statement.

The sukuk proceeds will be used to support the company's sharia financing.

The outlook is stable.

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