PT BFI FINANCE INDONESIA TBK
Fitch Ratings Indonesia has assigned a 'AA-(idn)' rating on
The tranche consists of:
Series A:
Series B:
Series C:
'AA' National Long-Term Ratings denote expectations of a very low level of default risk relative to other issuers or obligations in the same country or monetary union. The default risk inherent differs only slightly from that of the country's highest rated issuers or obligations.
Key Rating Drivers
The bonds are rated at the same level as BFI's National Long-Term Rating, in accordance with Fitch's criteria, as they represent BFI's direct obligations and rank pari passu with its other obligations in the same debt class.
The obligations are 50% secured against the company's receivables as is common for bonds issued by BFI, but we do not view this as providing credit enhancement, as per Fitch's criteria for entities in
BFI's National Long-Term Rating is driven by its standalone profile. For more details, see 'Fitch Upgrades Indonesia's BFI Finance to 'AA-(idn)'; Outlook Stable', published
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
A downgrade of BFI's National Long-Term Rating would lead to similar action on the ratings of its senior bond programme and issuance.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
An upgrade of BFI's National Long-Term Rating would result in corresponding action on its senior bond programme and issuance 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.
RATING ACTIONS
Entity / Debt
Rating
senior unsecured
Natl LT
AA-(idn)
New Rating
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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