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.