Fitch affirms Japfa at BB-/AA-(idn)

Fitch Ratings said it affirmed PT Japfa Comfeed Indonesia Tbk.'s long-term issuer default rating at BB- with a stable outlook.

Fitch Ratings Indonesia also affirmed Japfa's national long-term rating at AA-(idn) with a stable outlook.

Fitch said the affirmation follows a review of Japfa's 2017 performance, which showed the company recording strong growth with EBITDA of Rp 2.9 trillion and an EBITDA margin of 9.9%, higher than the agency’s forecast of Rp 2.2 trillion and 7.8%, respectively.

Its year-end leverage of 1.7 times was also lower than Fitch's forecast of 2.3 times.

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