Fitch assigns Pupuk Indonesia notes AAA(idn)

Fitch Ratings said it assigned a national long-term rating of AAA(idn) to state-owned PT Pupuk Indonesia (Persero)’s first bond issuance under its Rp 8 trillion bond program of up to IDR2.5 trillion of notes.

“The issuance is rated at the same level as PTPI’s national long-term rating because the notes represent senior unsecured obligations of the issuer,” Fitch said in a press release.

PTPI plans to use the proceeds issuance to refinance the company’s maturing bonds and the bank loans at some of its subsidiaries.

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