PT ASTRA INTERNATIONAL TBK
Fitch Ratings Indonesia has published the rating of 'AA(idn)' on the second tranche of bonds issued under
The tranche consists of:
Series A:
Series B:
Series C:
'AA' National 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
SANF's issuances under the programme are rated at the same level as its National Long-Term Rating, in accordance with Fitch's criteria, as the bonds represent SANF's direct obligations and rank equally with all its other obligations.
SANF's National Long-Term Rating is driven by Fitch's expectation of a moderate probability of extraordinary support from its parent,
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Any downgrade of SANF's National Long-Term Rating would result in a corresponding downgrade of the issue ratings.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Any upgrade of SANF's National Long-Term Rating would result in similar action on the issue 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
SANF's rating is driven by Fitch's expectation of support from its parent, AI.
RATING ACTIONS
Entity / Debt
Rating
senior unsecured
Natl LT
AA(idn)
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Additional information is available on www.fitchratings.com
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