Fitch affirms Mayora Indah

Fitch Ratings said it affirmed PT Mayora Indah Tbk.'s national long-term rating at AA(idn).

The outlook is stable.

At the same time, the agency affirmed the AA(idn) national rating of Mayora's Rs. 2 trillion bond program and the Rs. 550 billion in unsecured bonds issued under the program.

“Mayora's affirmation reflects the company's ability to maintain strong profitability and cash flow generation as well as solid liquidity and low leverage,” Fitch said in a news release.

“The company's credit profile is also supported by Mayora's strong market position due to its well-known brand in domestic and export markets.

“The rating incorporates the company's exposure to the cyclicality of commodity prices. However, this is mitigated by the company's proven capability to maintain stable margins, which is mainly supported by its leading market position.”

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