March 31, 2015 / 9:22 AM / 4 years ago

Fitch Rates Astra Sedaya Finance's EMTN Programme, Notes Final 'BBB-'

(The following statement was released by the rating agency) SINGAPORE/JAKARTA, March 31 (Fitch) Fitch Ratings has assigned Indonesia-based PT Astra Sedaya Finance's (ASF; BBB-/Stable) USD1bn senior unsecured euro medium-term note (EMTN) programme and USD300m three-year senior notes issued under the programme a final rating of 'BBB-'. This follows the completion of the note issue and the receipt of final documents conforming to information previously received. The final rating is same as the expected rating assigned on 19 March 2015. KEY RATING DRIVERS The notes are rated as the same level as ASF's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BBB-' in accordance with Fitch criteria. ASF's ratings reflect Fitch's expectation of a high probability of support from its majority shareholder, PT Astra International Tbk (AI). Fitch considers ASF to be a strategically important subsidiary of AI because ASF accounts for a sizeable portion (around 30% in 2014) of the parent's automobile credit sales. The support also reflects AI's 86% effective ownership of ASF and the finance company's strong synergies and integration with the parent. RATING SENSITIVITIES The rating on the senior unsecured notes would be directly impacted by any changes in ASF's IDR. Any significant decline in AI's ownership and/or ASF contribution to AI would exert downward pressure on ASF's ratings. However, Fitch believes this scenario is unlikely in the foreseeable future, given ASF's strategic importance to AI's automotive business. ASF's ratings are also sensitive to Fitch's assessment of AI's credit profile; any change of the AI's assessment will likely lead to a review of ASF's IDRs. Contacts: Primary Analysts Ambreesh Srivastava Senior Director +65 67967218 Fitch Ratings Singapore Pte Ltd 6 Temasek Boulevard #35-5 Suntec Tower Four Singapore 038986 Secondary Analyst Julita Wikana Director +62 21 2988 6808 Committee Chairperson Jonathan Lee Senior Director +886 2 8175 7601 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: Additional information is available at Applicable criteria, "Global Non-Bank Financial Institutions Rating Criteria", dated 20 March 2015, are available at Applicable Criteria and Related Research: Global Non-Bank Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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