Fitch Ratings Indonesia has assigned an AAA(idn) rating to Federal International Finance's seventh, 10 trillion rupiah bond program and the first tranche of bonds issued under it, according to a Thursday release.
The rating represents the lowest expectation of default risk relative to all other issuers or obligations in the same country, Fitch said.
The bonds' rating is similar to the financial services company's national long-term rating, since they serve as the issuer's direct and unsecured obligations.
The bonds also rank equally as the issuer's other rated obligations in the same debt class, Fitch said.
The company's rating reflects Fitch's expectation of a high likelihood of extraordinary support from conglomerate parent Astra International (IDX:ASII) in case of need.
Shifts in the company's rating would prompt similar actions on the bonds, according to Fitch.
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