Fitch rates Thames Pam Jaya notes A-(idn)

Fitch Ratings said it assigned a national long-term rating of A-(idn) to PT Thames Pam Jaya, along with an expected rating of A-(idn) to its proposed senior unsecured notes (bond I/2008), which will be issued in three tranches, maturing in three, five, and seven years from the issue date. The final rating is contingent upon receipt of final documents.

The outlook is stable.

The ratings are supported by a low competitive environment, as well as a high demand potential for clean water services and a favorable cost structure, Fitch said. The agency said it believes the company should be able to maintain its strong profitability, in line with easing domestic inflationary pressure.

The ratings are constrained by uncertainties over the tariff regulatory framework and the concentration risks of raw water supply, Fitch added.

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