Fitch rates Waskita Karya bonds A-(idn)

Fitch Ratings said it assigned a national long-term rating of A(idn) of PT Waskita Karya (Persero) Tbk. with a stable outlook.

The agency also said it assigned a national senior unsecured rating of A-(idn) to the company, along with a national rating of A-(idn) to its Rp 10 trillion bond program and the Rp 3 trillion of bonds due 2022 issued under the program.

The ratings reflect Waskita's position as the largest state-owned construction company in Indonesia with strong order book growth and improving profitability, Fitch explained.

The ratings are constrained by the company's high leverage profile compared with its peers, the agency added.

Waskita's rating of A(idn) incorporates a two-notch uplift from its standalone rating of BBB+(idn) due to its strong operational and strategic linkages to the Indonesian state, Fitch noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.