Fitch puts Bussan Auto Finance on watch

Fitch Ratings Indonesia said it placed PT Bussan Auto Finance's AAA(idn) national long-term rating and outstanding issuance ratings on rating watch negative.

“The RWN indicates potential weakening in shareholder links and support prospects after the planned ownership dilution of BAF's largest shareholder, Mitsui & Co., Ltd. (Mitsui).

“JA Mitsui Leasing Ltd. (JAML) said on July 3, 2023, it plans to purchase a 20% stake in BAF from Mitsui. JAML is a Japan-based finance and leasing company that counts both the Norinchukin Bank and Mitsui as major shareholders. Mitsui currently owns 65% of BAF, but its direct stake will decline to 45% after the sale to JAML,” Fitch said in a press release.

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