Fitch: Multipolar notes B+

Fitch Ratings said it has assigned PT Multipolar Tbk's (B+/stable) proposed dollar notes an expected B+(exp) rating with a recovery rating of RR4.

The notes will be issued by Pacific Emerald Pte. Ltd, and guaranteed by Multipolar.

The notes will be issued as a tap to the existing $200 million of notes due in 2018 that have the same terms and conditions and maturity, the agency stated.

Fitch said that the notes are rated at the same level as Multipolar's senior unsecured debt rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company.

The ratings of Multipolar largely reflect its holding company structure and its high dependence on dividends, the agency noted.

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