Fitch affirms Sinar Mitra

Fitch Ratings said it affirmed PT Sinar Mitra Sepadan Finance's national long-term rating at BBB+(idn), along with its rupiah-denominated senior secured bond I/2009 at BBB+(idn).

The outlook is stable.

The affirmations reflect the entity's improved profitability and continued shareholder commitment, despite some weakening in asset quality, Fitch said.

The agency noted that any significant deterioration of asset quality is likely to exert downward pressure on the ratings.

The company's non-performing loans ratio rose to 1.2% at end of the first half of 2010, with the motorcycle financing segment the main contributor, Fitch said.

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