Fitch rates WOM Finance bond AA(idn)

Fitch Ratings said it assigned a national long-term rating of AA(idn) to PT Wahana Ottomitra Multiartha Tbk.’s (WOM Finance) proposed senior unsecured bond with a maturity of three years.

The agency also said it assigned a national short-term rating of F1+(idn) to WOM Finance’s proposed senior unsecured bond with maturity of 370 days.

This is the fourth tranche to be issued this year under the company’s debt program, Fitch said.

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

The bond is rated at the same level as WOM Finance’s national ratings, Fitch said.

The ratings reflect an expectation that the company will continue to benefit from funding support from PT Bank Maybank Indonesia Tbk., which owns 68.55% of WOM Finance, the agency said.

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