Fitch rates Surya Artha bonds AA(idn)

Fitch Ratings Indonesia said it assigned AA(idn) national long-term ratings to Indonesia-based Surya Artha Nusantara Finance's (AA(idn)/stable) proposed second senior unsecured bond program of up to Rp 4 trillion.

The agency also assigned AA(idn) national long-term ratings to the bonds issued under the second tranche of the above program with a maturity of 370 days, three years and five years.

The proposed bond issuance will be up to Rp 1.5 trillion in total.

Proceeds will be used for working capital purposes.

Fitch said AA national ratings denote expectations of very low default risk relative to other issuers or obligations in the same country. The default risk inherently differs slightly from that of the country's highest rated issuers or obligations.

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