Fitch assigns Perusahaan Pengelola BB+

Fitch Ratings said it assigned PT Perusahaan Pengelola Aset long-term foreign- and local-currency BB+ issuer default ratings.

The agency also gave the company’s planned dollar-denominated notes a BB+ rating.

“The notes are rated in line with PPA's long-term IDR, as the notes constitute direct, unsubordinated, unsecured obligations of the company and rank pari passu with all its other unsecured and unsubordinated obligations,” Fitch said in a press release.

Fitch noted the company is owned by Indonesian government and manages the assets of distressed state-owned enterprises.

The outlook is stable.

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