Fitch affirms Fajar Surya

Fitch Ratings said it affirmed PT Fajar Surya Wisesa Tbk.'s long-term foreign-currency and local-currency issuer default ratings at B+ and national long-term rating at A(idn).

The outlook is stable.

The ratings are underpinned by its market position as the second-largest packaging paper manufacturer in Indonesia, a well-established and diversified customer profile and the growth prospects of Indonesia's paper packaging industry as evidenced by Indonesia's low paper consumption per capita relative to the GDP growth, Fitch said.

These strengths are counterbalanced by the inherent cyclicality of the commodity nature of its products, the agency said.

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