Fitch upgrades Mitra Pinasthika

Fitch Ratings said it upgraded PT Mitra Pinasthika Mustika Finance's national long-term rating to AA-(idn) from A-(idn) and national short-term rating to F1+(idn) from F1(idn).

The Rating Watch positive, which was in place since February, is now resolved and the outlook is stable.

The upgrades follow the sale of a 20% equity interest in the company by PT Mitra Pinasthika Mustika Tbk. to JACCS Co. Ltd.

The sale earlier this year has resulted in JACCS becoming the new majority shareholder of Mitra Pinasthika with a 60% stake, Fitch explained.

The upgrades also consider a view of JACCS's greater ability to provide extraordinary support to Mitra Pinasthika, if required, the agency said.

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