Fitch rates Indofood notes BBB-

Fitch said it gave a BBB- rating to PT Indofood CBP Sukses Makmur Tbk.’s (ICBP) planned senior unsecured notes. The company is a subsidiary of PT Indofood Sukses Makmur Tbk.

“The proposed notes are rated at the same level as ICBP's long-term issuer default rating of BBB- as they constitute direct senior unsecured obligations of the issuer,” Fitch said in a press release.

The proceeds will be used to pay the retention amount of up to $650 million due April 2022 as part of ICBP's acquisition of Pinehill Co. Ltd. The remainder will be for general corporate purposes, including working capital.

The outlook is stable.

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