Fitch rates Aneka Gas debt A-(idn)

Fitch Ratings Indonesia said it assigned PT Aneka Gas Industri Tbk's (A-(idn)/stable) Rp 256 billion bonds and Rp 144 billion sukuk ijara a national rating of A-(idn).

Both issuances are due 2022 and the proceeds will be used to refinance the company's existing debt.

The issuances are the second phase of Aneka Gas's Rp 500 billion bond and Rp 500 billion sukuk ijara programs and are rated at the same level as the programs, whose A-(idn) national ratings were published on May 19.

Assuming full subscription, Aneka Gas will have Rp 180 billion and Rp 110 billion remaining on its bond and sukuk ijara programs, respectively, the agency said.

Fitch said the ratings are driven by Aneka Gas' national long-term rating of A-(idn). This reflects the agency’s view that a risk of default of these obligations would reflect a default of the entity in accordance with its rating definitions.

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