Fitch upgrades two Indonesian firms

Fitch Ratings said it upgraded the long-term issuer default ratings on PT Astra Sedaya Finance and PT Federal International Finance to BBB from BBB-.

Fitch Ratings Indonesia also upgraded the national long-term ratings on ASF and FIF to AAA(idn) from AA+(idn).

“The rating upgrades on ASF and FIF reflect Fitch’s belief that parent company, PT Astra International Tbk. has a greater propensity to support its financing subsidiaries than previously factored into the ratings,” said Fitch in a press release.

The outlook is stable.

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