S&P ups Fajar Surya Wisesa

Standard & Poor's said it raised the long-term corporate credit rating on PT Fajar Surya Wisesa Tbk to B+ from B, along with the senior secured notes issued by Fajar Paper Finance BV, guaranteed by Fajar Surya Wisesa, to B+ from B.

The outlook is stable.

The agency said the upgrade reflects an expectation that the company can continue its strong operating performance over the past year, S&P said.

The company also has secured bank facilities in order to refinance its existing senior secured notes due October 2011, the agency said.

Fajar's operating performance started to improve in the second half of 2009, helped by a recovery in the demand and price of paper products, which has strengthened the company's cash flows, S&P said.

The price and demand for packing paper are expected to remain robust, reflecting healthy growth prospects for Indonesia.

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