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Fitch rates Sawit Sumbermas B+
Fitch Ratings said it assigned Indonesia-based palm oil producer PT Sawit Sumbermas Sarana Tbk. a long-term foreign-currency issuer default rating of B+ with a positive outlook.
Fitch Rating Indonesia also assigned the company a national long-term rating of A(idn) with positive outlook.
In addition, Fitch assigned the proposed dollar-denominated senior unsecured notes to be issued by Sawit Sumbermas’ wholly owned subsidiary, SSMS Plantation International Pte Ltd., an expected rating of B+(EXP) with recovery rating of RR4. The notes will be guaranteed by Sawit Sumbermas and its parent, PT Citra Borneo Indah (CBI), and certain operating subsidiaries.
Sawit Sumbermas intends to use the proceeds mainly for refinancing existing debt.
Fitch said the rating reflects the small scale of Sawit Sumbermas’ operations that are concentrated in Central Kalimantan, and the lack of diversification in terms of products and location. Its operating and financial metrics are in line with those of its plantation peers rated at B+.
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