Fitch rates Inalum notes BBB-

Fitch Ratings said it rated Indonesia Asahan Aluminium (Persero) (PT)’s (Inalum) planned dollar-denominated senior unsecured notes BBB-.

“Inalum is rated one notch below the rating of Indonesia (BBB/stable), in line with Fitch's government-related entities (GRE) rating criteria. This is based on our assessment of strong linkages between Inalum and the state as well as the state's incentive to provide support,” the agency said in a press release.

The proceeds are intended to be used mainly to refinance a portion of Inalum's debt, including its dollar-denominated notes.

The outlook is stable.

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