Fitch gives Tunas Baru notes A+(idn)

Fitch Ratings said it assigned PT Tunas Baru Lampung Tbk's (A+(idn)/negative) Rp 239 billion of senior unsecured medium-term notes a national long-term rating of A+(idn).

The company plans to use proceeds to refinance its short-term loans.

Tunas Baru issued Rp 411 billion of senior unsecured medium-term notes in December 2017. The notes are rated in line with the company’s national long-term rating as Fitch said it does not expect the noteholders to face significant structural subordination.

The agency estimates company's secured debt/annualized EBITDA to drop to below 2 times by 2018, aided by refinancing using proceeds from recent debt issuances.

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