Fitch affirms Penjaminan Infrastruktur

Fitch Ratings said it affirmed PT Penjaminan Infrastruktur Indonesia’s long-term foreign and local currency issuer default ratings at BBB.

The outlook is stable.

The agency also affirmed the short-term foreign-currency issuer default rating at F2.

Fitch said the ratings reflect the Indonesian Ministry of Finance's control over the company's board of commissioners and directors and approval of the annual budget.

In addition, the ministry’s regulation 8/2016 provides clarity on the recourse mechanism between Penjaminan Infrastruktur and the government agencies that it guarantees, requiring the ministry to set off any payments the company may need to make under any called guarantees and allocate sufficient budgetary resources for payment.

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