SINGAPORE (Indonesia Today) – Fitch Ratings has assigned Indonesia-based PT Sarana Multigriya Finansial’s (Persero) (SMF; ‘AA(idn)’/Stable) issue of senior unsecured medium-term notes (MTNs) IV 2012 of up to a maximum IDR800bn, a National Short-Term ‘F1+(idn)’ rating. The MTNs have a short-term maturity of 180 days.

The proceeds from the proposed issue will be used to support the company’s business growth.

The rating of the MTNs are aligned with SMF’s National Short-Term ‘F1+(idn)’ rating.

The ratings of SMF reflect Fitch’s view of strong support from central government (‘BBB-‘/Stable), in case of need, given its 100% state ownership and its policy role in developing a secondary mortgage market in Indonesia.

SMF was established by the government of Indonesia in 2005 and is regulated and supervised by the Ministry of Finance. (Indonesia Today)