Fitch rates Sinar Mas Multifinance bonds A-(idn)

Fitch Ratings said it assigned national ratings of A-(idn) to PT Sinar Mas Multifinance’s proposed rupiah senior bonds of up to Rp 500 billion with a maturity of five years and proposed medium-term notes of up to Rp 500 billion with a maturity of three years.

Proceeds will be used to support the company’s working capital requirements, Fitch said.

The A long-term national ratings denote expectations of low default risk relative to other issuers or obligations in the same country, the agency said.

The proposed notes are rated at the same level as the company’s national long-term rating as they constitute direct and unsubordinated senior obligations of the company, Fitch said.

The ratings reflect an expectation that the company will continue to benefit from support and commitment from its 99.99% shareholder, PT Sinarmas Multiartha Tbk., a holding company in the Sinar Mas group that focuses on the integrated financial services sector, the agency said.

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