Fitch rates WOMF bond AA(idn)

Fitch Ratings said it assigned a national long-term rating of AA(idn) to PT Wahana Ottomitra Multiartha Tbk.’s (WOMF) unsecured senior debt program of up to Rp 4.5 trillion, along with a national short-term rating of F1+(idn).

Fitch also said it assigned an AA(idn) national long-term rating to the proposed rupiah senior unsecured bond tranche I of up to Rp 800 billion with a maturity of up to three years issued under the program, along with a national short-term rating of F1+(idn).

The proceeds will be used to support business growth, Fitch said.

The ratings reflect expectations of low default risk relative to other issuers or obligations in the same country, the agency said.

The issuer ratings also consider a moderate probability of extraordinary support from 68.55%-shareholder PT Bank Maybank Indonesia Tbk., Fitch said.

The company plays an important role in expanding its parent’s consumer business particularly in the motorcycle business in Indonesia, the agency said.

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