Fitch Ratings Indonesia has published the '
The rating is on Rating Watch Negative (RWN), mirroring that on HFI, reflecting uncertainty over the credit profile of HFI's major shareholder,
The bonds consist of:
Series A:
Series B:
'
Key Rating Drivers
HFI's rupiah bonds are rated on a par with its National Long-Term Rating, in line with Fitch's criteria. This is because the instruments represent direct and senior obligations of the company and rank equally with all its other senior obligations.
HFI's National Long-Term Rating is derived from our expectation of extraordinary support from its major shareholder,
The RWN is driven by a recently announced corporate action plan, which could weaken the linkages between
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
A downgrade of HFI's National Long-Term Rating would lead to similar action on the bond ratings.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
The rating is already at the highest point on our national scale and thus there is no rating upside. Removal of the RWN on HFI's National Long-Term Rating would lead to a corresponding change on the bond ratings.
Date of Relevant Committee
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Public Ratings with Credit Linkage to other ratings
HFI's ratings are based on Fitch's expectation of extraordinary support from its materially stronger shareholder,
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