Fitch gives Wahana bonds AA(idn), F1+(idn)

Fitch Ratings said it assigned national ratings to Indonesia-based PT Wahana Ottomitra Multiartha Tbk. (AA(idn)/stable/F1+) proposed rupiah senior unsecured bonds as follows: bonds with maturity of three years assigned national long-term rating of AA(idn); and bonds with maturity of 370 days assigned national short-term rating of F1+(idn).

The bonds are the first tranche to be issued under Wahana's proposed 2014 senior debt program of up to Rp. 3 trillion, to which Fitch has assigned national long-term and short-term ratings of AA(idn) and F1+(idn), respectively.

The bond issue will be up to Rp. 600 billion in size and the proceeds will be used to support the company's business growth.

The debt program and bonds issued under the program are rated at the same level as Wahana's national long-term and short-term ratings. This is because they constitute direct, unsubordinated and senior unsecured obligations of Wahana and rank equally with all other unsecured and unsubordinated obligations, the agency said.

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