Fitch: Persero bonds AAA(idn)

Fitch Ratings said it assigned a national long-term rating of AAA(idn) to PT Angkasa Pura II (Persero).

The agency also said it assigned a national senior unsecured rating to the company, along with an AAA(idn) rating to its proposed Rp 2 trillion bonds.

The outlook is stable.

The proposed bonds are rated at the same level as the company’s national senior unsecured rating of AAA(idn) as the bonds constitute senior unsecured obligations of the company.

The proceeds will be used to fund capital expenditures.

The ratings are based on the company’s standalone credit profile, Fitch said.

The company has a robust business profile, which is underpinned by its operation of Jakarta’s Soekarno-Hatta International Airport; limited competition; resilient volumes; and low customer concentration risks, the agency said.

The company also benefits from a higher approved tariff for 2016, which will drive aeronautical revenue growth, Fitch added.

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