Fitch assigns Bussan Auto bonds AAA

Fitch Ratings said it published the AAA(idn) ratings on PT Bussan Auto Finance's tranche IV rupiah bond issuance under its second bond program.

“The rating watch negative (RWN) on the bonds mirrors that on BAF's national rating, which reflects our view of potential weakening in shareholder links and support prospects from BAF's largest shareholder, Mitsui & Co., Ltd. (Mitsui). This follows the announcement of a planned partial sale of Mitsui's shareholding to an affiliate, JA Mitsui Leasing Ltd (JAML),” the agency said in a press release.

The issuance consists of Rp 458 billion of 6.5% bonds with a tenor of three years due September 2026.

BAF will use the proceeds to support the company's consumer financing activities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.