Berita Saham WIKA
Fitch Ratings has assigned an expected rating of 'BB(EXP)' to Indonesia-based construction company PT Wijaya Karya (Persero) Tbk's (WIKA; BB/Stable) proposed rupiah-denominated senior unsecured notes that are payable in US dollars.
The notes, known as komodo bonds, are denominated in rupiah, but both the coupon payments and principal on maturity are settled in US dollars at the prevailing rupiah-dollar exchange rate. As such, the investors bear the foreign-exchange risk due to a weaker rupiah. The settlements are still subject to transfer and convertibility risk on foreign exchange involving the rupiah and the rating on the notes can be no higher than Indonesia's Country Ceiling of 'BBB'.
The linkage of payments under the terms of the notes to the prevailing exchange rate means that Fitch does not regard the conversion of currencies at the transaction's initiation and maturity as altering the underlying local-currency nature of the note.
The unsecured notes will be a direct, unsecured and unsubordinated obligation to the company, ranked pari passu with all other unsecured and unsubordinated debt of the company, and will be effectively subordinated to secured obligations of the company and its subsidiaries. Part of the proceeds of the notes will be used to repay secured debt, which, in our estimate, would cut the ratio of prior ranking debt to total debt to below 2.0x. Fitch considers a threshold of 2.0x-2.5x as the level above which senior unsecured creditors' interests are materially subordinated to the interests of secured or prior ranking creditors. We therefore rate the notes at the same level as WIKA's Long-Term Local-Currency Issuer Default Rating (IDR) of 'BB'. The final rating is contingent upon the receipt of final documents conforming to information already received.
'AA' National Ratings denote expectations of very low default risk relative to other issuers or obligations in the same country. The default risk inherent differs only slightly from that of the country's highest-rated issuers or obligations. (end)
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