Fitch rates Chandra Asri, notes BB-

Fitch Ratings said it assigned PT Chandra Asri Petrochemical Tbk. a long-term foreign-currency issuer default rating of BB-.

The outlook is stable.

The agency also assigned Chandra Asri’s proposed senior unsecured dollar-denominated notes an expected rating of BB-(EXP).

At the same time, Fitch Ratings Indonesia assigned a national long-term rating of AA-(idn) with a stable outlook.

Fitch said the rating reflects Chandra Asri’s leading market position as the largest petrochemical producer in Indonesia, supported by its integrated operations and more diverse product offerings compared with its domestic peers, favorable long-term industry prospects in Indonesia, the cyclical nature of the petrochemical industry and its strong financial profile.

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