Fitch Indonesia Assigns ‘A-(idn)’ Rating to Aneka Gas’s Proposed IDR-Denominated Conventional Bonds and Sukuk 

Fitch Ratings (Fitch) Indonesia has assigned a National Long-Term Rating of ‘A-(idn)’ to industrial gas and medical gas supplier PT Aneka Gas Industri (Aneka Gas; A-(idn)/Stable) proposed IDR-denominated conventional bonds and Sukuk.

Ratings Rationale

Aneka Gas’s rating reflects its robust market position, diversified revenue and healthy EBITDA margin, which is above 30%. These factors are counterbalanced by the company’s large growth capex requirements and moderate net debt/EBIDTA of 4.0x – 4.5x. Fitch anticipates Indonesia’s improving economy, asset acquisitions and the stable medical gas business to result in higher growth of revenue, EBIDTA margin and leverage for Aneka Gas in 2021. The rating for the issua...