Fitch assigns BB- to Sritex

Fitch Ratings said it assigned PT Sri Rejeki Isman Tbk. (Sritex) a long-term issuer default rating of BB- with a stable outlook.

The agency also upgraded Sritex's national long-term rating to A+(idn)/stable from A(idn)/stable.

Fitch said the BB- long-term issuer default rating reflects Sritex’s robust operating cash flow generation, supported by its low cost base; growing mix of higher-margin products in its sales; satisfactory working-capital management; and rising scale of operations. Sritex's foreign currency-based earnings also provide a natural currency hedge on its debt.

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