Medium Term Notes blog update is courtesy of Reuters. Indonesia-based finance firm, PT Astra Sedaya Finance’s Euro Medium Term Note (EMTN) program received a BBB- rating from Fitch ratings.
Fitch Ratings has assigned Indonesia-based PT Astra Sedaya Finance’s (ASF; BBB-/Stable) USD1bn senior unsecured euro medium-term note (EMTN) programme and USD300m three-year senior notes issued under the programme a final rating of ‘BBB-‘. This follows the completion of the note issue and the receipt of final documents conforming to information previously received. The final rating is same as the expected rating assigned on 19 March 2015. KEY RATING DRIVERS The notes are rated as the same level as ASF’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘BBB-‘ in accordance with Fitch criteria. ASF’s ratings reflect Fitch’s expectation of a high probability of support from its majority shareholder, PT Astra International Tbk (AI). Fitch considers ASF to be a strategically important subsidiary of AI because ASF accounts for a sizeable portion (around 30% in 2014) of the parent’s automobile credit sales. The support also reflects AI’s 86% effective ownership of ASF and the finance company’s strong synergies and integration with the parent.