Fitch lifts Wahana Ottomitra

Fitch Ratings said it upgraded PT Wahana Ottomitra Multiartha Tbk's national long-term rating to AA(idn) from A-(idn) and assigned a national short-term rating of F1+(idn).

The agency also said it upgraded the company's rupiah senior bonds issued in 2007 to AA(idn) from A-(idn) and subordinated notes issued in 2007 to AA-(idn) from BBB+(idn).

Fitch also said it assigned ratings of AA(idn) to its medium-term notes issued in August and September 2010, amounting to Rp 200 billion and Rp 150 billion respectively, and an expected rating of AA(idn) to the company's proposed issue of up to Rp 1 trillion senior bonds.

The ratings are contingent on the receipt of final documents.

The outlook is stable.

The multi-notch upgrade reflects expectations of continuing support and commitment from its parent, PT Bank Internasional Indonesia Tbk, whose national long-term rating was recently upgraded to AAA(idn) from AA-(idn), Fitch said.

The upgrade also considers its strategic importance to its parent bank, as well as the ultimate parent, Malayan Banking Bhd., in expanding their footprint in Indonesia's fast-growing consumer market, the agency said.

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