IQPlus,(31/07) - Fitch Ratings Indonesia has assigned ratings to PT Wahana Ottomitra Multiartha Tbk's (WOMF; AA-(idn)/Stable) proposed senior unsecured bonds, as follows: - Bonds issued under the second tranche of WOMF's second bond programme with a maturity of 370 days assigned a National Long-Term Rating of 'AA-(idn)' - Bonds issued under the second tranche of WOMF's second bond programme with a maturity of three years assigned a National Long-Term Rating of 'AA-(idn)' The bond issuance will be up to IDR1 trillion in size and the proceeds will be used to support the company's working capital requirements.
'AA' National Ratings denote expectations of low default risk relative to other issuers or obligations in the same country. However, changes in circumstances or economic conditions may affect the capacity for timely repayment to a greater degree than is the case for financial commitments denoted by a higher rated category.
The senior unsecured bonds are rated at the same level as WOMF's National Long-Term Rating in accordance with Fitch's criteria. WOMF's rating is support driven, reflecting Fitch's expectation of a moderate probability of extraordinary support from PT Bank Maybank Indonesia Tbk (Maybank Indonesia; BBB/AAA(idn)/Stable) and ultimate parent, Malayan Banking Berhad (A-/Stable), for the subsidiary, if required.
This is because of WOMF's limited importance to its parent, as reflected by the group's decision to sell the company earlier this year even though the plan fell through, and our view that the company remains a potential candidate for sale. Our view also incorporates the lower proportion of joint financing between Maybank Indonesia and WOMF in the last few years, their different branding, the modest level of integration between the two and WOMF's limited contribution to the group. (end)
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