Fitch rates Federal International bonds AAA(idn)

Fitch Ratings said it assigned Indonesia-based PT Federal International Finance's (AAA(idn)/stable) proposed rupiah senior unsecured bonds with maturity of three years assigned national long-term rating of AAA(idn), and bonds with maturity of 370 days assigned national short-term rating of F1+(idn).

The bond issue will be up to Rp. 1.55 trillion in size and the proceeds will be used to support the company's business growth. The bonds are the third tranche to be issued under its existing senior debt program 2012 of up to Rp. 10 trillion.

Fitch said the bonds and debt program are rated at the same level as Federal International's national long-term and short-term ratings. This is because they constitute direct, unsubordinated and senior unsecured obligations of Federal International and rank equally with all other unsecured and unsubordinated obligations.

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