Fitch rates Sinar Mitra bond BBB+(idn)

Fitch Ratings said it assigned PT Sinar Mitra Sepadan Finance's proposed rupiah senior unsecured bond of one to three years an expected rating of BBB+(idn). The issue is rated the same as its current national long-term rating of BBB+(idn). The final rating is contingent on the receipt of final documents.

The outlook is stable.

The rating takes into account the company's niche focus on used-car financing, its experienced management team, as well as its good asset quality despite some weakening since the fourth quarter of 2008, Fitch said.

The agency said any significant deterioration of asset quality or funding condition is likely to exert downward pressure on its rating.

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