Fitch rates Indofood, notes BBB-

Fitch Ratings said it assigned BBB- ratings to PT Indofood Sukses Makmur Tbk. and its planned senior unsecured notes.

“The rating on ICBP is based on Fitch's assessment of the credit profile of PT Indofood Sukses Makmur (INDF), which owns 80.53% of ICBP and INDF's ultimate parent, First Pacific Co. Ltd.,” Fitch said in a press release.

Proceeds will be used to refinance part of the debt related to the acquisition of Pinehill Co. Ltd.

The outlook is stable.

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