Fitch rates Barito Pacific notes B+

Fitch Ratings said it first-time long-term issuer default rating of B+ to PT Barito Pacific Tbk.

The agency has also assigned an expected rating of B+ with a recovery rating of RR4 to Barito's proposed senior dollar-denominated notes.

The outlook is stable.

The proposed notes are rated at the same level as Barito's issuer default rating as they constitute its direct and unsubordinated obligations, Fitch said.

The ratings benefit from its diversified presence across the petrochemical and energy sectors, its leading market position as Indonesia's largest petrochemical producer and strong record in geothermal operations with long-term contracts driving stable revenue, the agency said.

The ratings also reflect Barito group's moderate consolidated financial profile, fractured shareholding in key operational subsidiaries and modest debt at the holding company, Fitch said.

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