RPT-Fitch rates PT Sarana Multigriya Finansial's MTNs 'F1+(idn)'
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Sept 24 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned a rating National Short-term 'F1 + (idn)' over the medium-term notes (MTN) IV2012 to be issued by PT Sarana Multigriya Financial (Persero) (SMF;'AA (idn)' / Stable).
MTN V in 2013 amounted to a maximum of 500 billion rupiah in this periodshort which is 360 days. Results from this MTN issuance will be usedto support its growing business.
MTN was ranked the same by SMF short-term national rating at 'F1 + (idn)'SMF reflecting unsecured debt and senior.
The ratings reflect Fitch's view on the SMF strong support from government ('BBB-' / Stable), which, when necessary, based on 100%government ownership of SMF and SMF role in developing policysecondary housing market in Indonesia.
Stage Actuator factor
Pressure downgrade downgrade may arise from governmentor dilution of the tendency of the government to provide financial supportto SMF. However, Fitch views this possibility is limited innear to medium term.
SMF ratings will be benefited from the increasing role SMFsebagaipolicy makers and the evidence of the form of government support is more real.SMF was established by the Indonesian government in 2005 and is regulated and supervisedby the Minister of Finance.
SMF stages are as follows:
-National Long-Term rating: 'AA (IDN)'; prospect stable
-Short-Term National Rating: 'F1 + (idn)'
-Bond ratings Sustainable I/2011: 'AA (idn)'
-Senior Bond Rating I/2011 stage: 'AA (idn)'
-Senior Bond Rating II/2012 stage: 'AA (idn)'