Moody’s rates Federal International Finance, notes Baa2

Moody's Investors Service said it assigned a Baa2 issuer rating to PT Federal International Finance.

The rating is three notches higher than the standalone credit profile of ba2, because of Moody's assumption of a very high likelihood that Federal International Finance will receive support from its parent, PT Astra International Tbk. (AI), in times of need.

The agency also assigned a P-2 short term issuer rating to the company.

At the same time, Moody's assigned a provisional Baa2 rating to Federal International Finance’s $1 billion medium-term note program.

In addition, the agency also assigned a Baa2 senior unsecured rating to the drawdown on the program.

The outlook is stable.

Moody’s said the standalone credit profile takes into consideration the company's: (a) Strong franchise and strategic importance to the Astra group; (b) strong asset quality and profitability metrics; and (c) weak liquidity profile.

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