Fitch ups Fajar Surya Wisesa

Fitch Ratings said it revised the outlook on PT Fajar Surya Wisesa Tbk's long-term foreign-currency and local-currency issuer default ratings to stable from negative and affirmed the ratings at B. Fitch also upgraded its national long-term rating to BBB+(idn) from BBB(idn), along with its B rating and recovery rating of RR4 on the $100 million senior notes issued by Fajar Paper Finance BV and guaranteed by Fajar.

The actions reflect Fajar's improving financial performance on the back of the stabilization of Indonesian domestic demand for containerboard and boxboard, Fitch said.

The company has been able to reduce its financial leverage with a net debt-to-EBITDAR ratio of 2.5x, the agency said.

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