Indonesia Based Finance Firm’s Euro Medium Term Notes Receive Fitch Rating BBB-

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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.

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Japanese Bank Issued 1 Trillion Rupiah Worth Medium Term Notes


Medium Term Notes blog update courtesy of Reuters.

Japan’s Sumitomo Mitsui Financial Group Inc.’s branch PT Bank Sumitomo Mitsui Indonesia was the lender in the medium term notes. PT Bank Sumitomo Mitsui Indonesia issued 1 trillion rupiah, 79.4 million US-dollars,  worth medium term notes of three-year tenure on Feb. 3. The report comes from the Kontan newspaper, an Indonesia located paper focusing on business and investment news, citing a company statement.

However, Reuter has not been able to verify the news regarding the bank’s 1 trillion rupiah medium term notes at the time of print.

Medium term notes are corporate notes continuously offered by a company to investors through a dealer. Investors can choose from differing maturities, ranging from nine months to 30 years. In this case, the Japanese owned bank’s medium term note has a life of three years.

About PT Bank Sumitomo Mitsui Indonesia

In the beginning of April 2001, PT Bank Sumitomo Indonesia (formerly PT Bank Sumitomo Niaga that was established in year 1989) and PT. Bank Sakura Swadharma (formerly named PT Bank Mitsui Swadharma which was established in year 1989) merged to became PT Bank Sumitomo Indonesia. And on 17 April 2001, the Bank’s name changed into PT Bank Sumitomo Mitsui Indonesia. (SOURCE: PT Bank Sumitomo Mitsui Indonesia’s Website)

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