Fitch rates Toyota Astra bonds AAA(idn), F1+(idn)

Fitch Ratings said it assigned a national long-term rating of AAA(idn) to PT Toyota Astra Financial Services’ bonds with maturity of three years and issuance size of up to Rp 811 billion.

The agency also said it assigned a national short-term rating of F1+(idn) to the company’s bonds with maturity of 370 days and issuance size of up to Rp 698 billion.

The bonds are the second tranche to be issued under the company’s 2014 senior debt program I of up to Rp 4 trillion.

The issue will be up to Rp 1.51 trillion in size and the proceeds will be used to support the company’s business growth, Fitch said.

The AAA national rating denotes the highest rating assigned by Fitch on its national rating scale for that country, the agency said.

This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country, Fitch said.

The F1 national ratings indicate the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country, the agency added.

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