PT BFI FINANCE INDONESIA TBK
Fitch Ratings Indonesia has published a rating of 'A+(idn)' on the third tranche of bonds (Phase III) issued under the fifth bond programme of
The tranche consists of:
Series A:
Series B:
Series C:
'A' National Long-Term Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union.
Key Rating Drivers
N.A.
.
DEBT AND OTHER INSTRUMENT RATINGS: 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 Affirms Indonesia's BFI Finance at 'A+(idn)'; Outlook Stable', at https://www.fitchratings.com/site/pr/10195514.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
BFI's bond programmes and issue ratings are sensitive to changes in its National Long-Term Rating. Any negative or positive action on the issuer's National Long-Term Rating will result in corresponding action on the bond ratings. Please refer to BFI's rating action commentary in the link above for rating sensitivities on the National Long-Term Rating.
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
A+(idn)
Publish
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Additional information is available on www.fitchratings.com
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