Fitch rates Surya Artha bonds AA(idn)

Fitch Ratings said it assigned an AA(idn) national long-term ratings to PT Surya Artha Nusantara Finance's third senior bond program of up to Rp 2.5 trillion, along with the bonds issued under the first tranche of the program with a maturity of 370 days and the bonds with a maturity of three years.

The proposed issuances will be for up to Rp 750 billion.

The proceeds will be used to refinance maturities under the second program and support the company's working capital requirements, Fitch said.

The bonds are rated at the same level as the company's national long-term rating as they constitute the company's direct and senior unsecured obligations and rank equally with all its other senior obligations, the agency said.

The ratings also reflect an expectation that the company will benefit from extraordinary support from its 60% majority shareholder, PT Astra International Tbk., if needed, Fitch said.

The ratings also consider its relative importance for the parent, given its ownership and target market, the agency said.

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