Fitch gives Pandita, notes B-

Fitch Ratings said it published Pandita Industries Ltd.’s long-term foreign-currency issuer default rating of B-. The agency also assigned a B- rating, with a recovery rating of RR4 to the company’s proposed $200 million of unsecured unsubordinated bonds. Pandita will sell the bonds, which will be guaranteed by several of its subsidiaries.

“Pandita Industries’ rating reflects its privately owned and multi-layer group structure and elevated leverage after the bond issuance. The company’s strong presence and market share in south-east Asia’s downstream chemical industry partially mitigate these negatives,” Fitch said in a press release.

The bond rating is in line with Pandita’s IDR because the proposed bond represents the company’s direct and unsubordinated obligations and ranks equally with its other unsecured and unsubordinated debt, Fitch said.

The outlook is stable.

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