Fitch gives Waskita bonds A-(idn)

Fitch Ratings said it assigned PT Waskita Karya (Persero) Tbk.'s (A(idn)/stable) Rp 3.5 trillion unsecured bonds due 2023 a national rating of A-(idn).

Bond proceeds will be used to finance working capital requirements for the company's construction projects.

The issuance is the third phase of Waskita's Rp 10 trillion bond program and is rated at the same level as the program at A-(idn), the agency said.

Fitch said the bonds issued under the program will continue to be rated one notch below the company's national long-term rating of A(idn), as the agency expects Waskita's prior-ranking debt/EBITDA to be above the 2.5x threshold where Fitch believes the interests of senior unsecured creditors are significantly subordinated to the interests of secured or prior-ranking creditors.

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