Fitch Ratings: Bussan Auto Finances’ IDR 500 Billion Sukuk Assigned ‘AAA (idn)’
August 06, 2020 | Updated at August 06, 2020
Fitch Ratings (Fitch) has assigned a National Long-Term Rating of ‘AAA(idn)’ to Bussan Auto Finance’s (BAF) Sukuk programme of up to IDR 500 billion, as well as to the first-phase issuance of the aforementioned Sukuk programme of up to IDR 15 billion with a three year maturity. The Sukuk is rated the same as BAF’s National Long-Term Rating, as Fitch expects the issuances to represent BAF’s direct and senior obligations.
BAF is a captive financing company that mostly handles new motorcycle financing for Yamaha-brand motorcycles in Indonesia. Fitch’s rating reflects the moderate potential of robust support from BAF’s parent company, Japan-based conglomerate Mitsui & Co (65.0%...