Fitch downgrades WOMF national rating

Fitch Ratings said it resolved the Rating Watch negative on PT Wahana Ottomitra Multiartha Tbk. (WOMF).

WOMF's national long-term rating is downgraded to AA-(idn) from AA(idn) and its national short-term rating is affirmed at F1+(idn).

The long-term ratings on the company's senior bonds also was downgraded while the short-term issue ratings were affirmed

The outlook is stable.

The actions follow the termination of the conditional share purchase agreement with PT Reliance Capital Management for the sale of PT Bank Maybank Indonesia Tbk.'s entire equity interest in WOMF,

The downgrade reflects an expectation that support from Maybank Indonesia is less than that previously factored into WOMF's rating based on the parent's decision to sell WOMF and a view that the company remains a potential candidate for sale, Fitch said.

The downgrade also considers the lower proportion of joint-financing between the two companies in the past few years, the agency said.

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