Fitch rates BFI Finance notes F1(idn)

Fitch Ratings said it assigned a national short-term rating of F1(idn) to PT BFI Finance Indonesia’s proposed senior unsecured medium-term notes with maturity of 370 days.

This fourth issue of notes will be up to Rp 255 billion in size and the proceeds will be used to support the company’s business growth, Fitch said.

BFI’s national ratings are driven by its standalone performance as one of the Indonesia’s largest independent finance companies, the agency said.

The company’s financial performance has been solid in the past five years with its capitalization profile remaining one of the strongest in the industry and its leverage ratio being one of the lowest among its peers, Fitch said.

The agency said it expects BFI’s financial performance to remain solid despite challenging operating conditions in the next one- to two-years.

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