Fitch Publishes 'AA(idn)' Rating on Wahana Ottomitra Multiartha's Tranche III Bonds.
Fitch Ratings Indonesia has published the 'AA(idn)' National Long-Term Rating on
Series A:
Series B:
'AA' National Long-Term 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 inherently differs only slightly from that of the country's highest rated issuers or obligations.
Key Rating Drivers
WOMF's bond programmes and underlying issuance are rated at the same level as its National Long-Term Rating, in accordance with Fitch's criteria, as the bonds represent the company's direct, senior obligations and rank equally with all its other senior obligations.
The bonds will be 60% secured against the company's receivables, but we do not view this as providing credit enhancement as per Fitch's criteria for entities in
WOMF's National Long-Term Rating is derived from our expectation of extraordinary support from its parent,
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
A downgrade of WOMF's National Long-Term Rating would lead to similar action on the ratings of its senior bond programme and issuance.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
An upgrade of WOMF's National Long-Term Rating would result in corresponding action on its senior bond programme and issuance 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
WOMF's ratings are driven by Fitch's expectations of extraordinary support from its parent, Maybank Indonesia.
RATING ACTIONS
Entity / Debt
Rating
senior unsecured
Natl LT
AA(idn)
Publish
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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