Fitch Ratings: Aneka Gas’ IDR 1 Trillion Sukuk Assigned A- Rating

Fitch Ratings has assigned a National Long-Term Rating of A-(in) to Aneka Gas’ IDR 1 trillion Sukuk programme, as well as to the IDR 190 billion first phase issuance under the aforementioned Sukuk programme. The Sukuk rating is the same as Aneka Gas’ National Long-Term Rating, as Fitch expects the risk of default to reflect the default risk of Aneka Gas. The ratings also account for the Sukuk’s structure and documentation.

With regards to the Sukuk structure, 50% of the principle of the amount is secured by assets of Aneka Gas, and ranks pari passu with other secured creditors, whilst the remaining 50% of the Sukuk principle ranks pari passu with other senior unsecured creditors of the company. Accordi...