Fitch rates Sarana Multi Infrastruktur BBB-

Fitch Ratings said it assigned long-term foreign- and local-currency ratings of BBB- and a short-term foreign-currency rating of F3 to PT Sarana Multi Infrastruktur.

The agency also said it upgraded the company's national long-term rating to AA+(idn) from AA(idn).

The outlook is stable.

The ratings are equalized with the Indonesia sovereign, reflecting ownership by the central government through the Ministry of Finance and the important strategic role the entity has in the development of Indonesia's infrastructure, Fitch said.

The company's budget is not consolidated into the general government budget, the agency said, but the budget is approved by the ministry and capital injections are included in the government's budget.

Fitch said it believes Sarana Multi's long-term financing can help to support the growth of public-private partnerships for infrastructure projects throughout Indonesia, making the company strategically important to the country's economic development.

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