Fitch gives Titan Petrokimia bonds A+(idn)

Fitch Ratings said it assigned final ratings of A+(idn) to PT Titan Petrokimia Nusantara's Rp 73 billion rupiah bond and Rp 200 billion Islamic bond due June 2015.

The ratings follow the completion of the bond issues and documents conforming to information previously received. The final ratings are the same as the expected ratings assigned in March, Fitch said.

Although the issue size is lower than the total Rp 500 billion previously announced, Fitch noted that the company's capital structure, liquidity and credit profile have not changed materially.

The company continues to benefit from its parent, Titan Chemicals Corp. Bhd., which provides about 30% of its ethylene feedstock requirements from its own production and acts as a purchasing agent for the rest, the agency said.

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