Fitch rates Surya Artha bonds AA(idn)

Fitch Ratings said it assigned PT Surya Artha Nusantara Finance's proposed rupiah bond II/2011 of up to Rs. 750 billion a national long-term rating of AA(idn).

The company's national long-term rating is AA(idn).

The outlook is stable.

The bond has a maturity of up to three years.

Proceeds will be used to support the company's business growth.

The national rating reflects strong support and commitment from its majority 60% shareholder, Astra International, which is 50.11% owned by Jardine Cycle & Carriage Ltd, part of Jardine Matheson Group, according to the agency.

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