Surya Wisesa gets B+ rating

Surya Wisesa gets B+ rating

HONG KONG (Reuter): Standard & Poors rating agency said yesterday it assigned its long-term corporate credit rating of B+ to P.T. Fajar Surya Wisesa.

It also assigned a B+ rating to Fajar unit FSW International Finance Company B.V's guaranteed secured notes due 2006, the agency said.

The outlook was stable, Standard & Poor added. Fajar's rating reflected its solid market position, strong growth in domestic demand and a competitive cost position, offset by concentrated exposure to the Indonesian industrial paper market, a lack of vertical integration and aggressive financial profile and a large capital expenditure plan, it said.

Fajar is the second-largest industrial paper manufacturer in Indonesia, supplying the strongly growing domestic demand for paper packaging.