20230919_SANF_Laporan Hasil Pemeringkatan_31411378_lamp1.pdf

FitchRatings

Jakarta, 12 September 2023
No.: 151/DIR/RATLTR/IX/2023

Kepada Yth

Bapak Wempy Kunto Wiambodo
Presiden Direktur

PT Surya Artha Nusantara Finance
18 Office Park, Lt. 23

Jl. TB Simatupang No. 18

Jakarta 12930

Perihal: Peringkat PT Surya Artha Nusantara Finance
PT Fitch Ratings Indonesia (“Fitch”) mengafirmasi peringkat-peringkat berikut ini:

- Peringkat Nasional Jangka Panjang di 'AA(idn)', Outlook Stabil

- Peringkat Nasional Jangka Pendek di 'F1-Hidn)'

- Peringkat Nasional Jangka Panjang di “AAfidn)' untuk Program Obligasi Berkelanjutan IV Surya Artha
Nusantara Finance Tahun 2022

- Peringkat Nasional Jangka Panjang di 'AA(idn)' untuk Obligasi Berkelanjutan TV Surya Artha Nusantara
Finance Tahun 2022 Tahap I

- Peringkat Nasional Jangka Panjang di 'AA(idn)' untuk Obligasi Berkelanjutan IV Surya Artha Nusantara
Finance Tahun 2023 Tahap II

Peringkat Nasional 'AA' menunjukkan ekspektasi tingkat risiko gagal bayar yang sangat rendah
dibandingkan dengan emiten atau obligasi lain di negara atau serikat moncter yang sama. Risiko gagal
bayar yang melekat hanya sedikit berbeda dari emiten atau obligasi dengan peringkat tertinggi di negara
tersebut.

Peringkat Nasional “F1? menunjukkan kapasitas terkuat untuk pembayaran tepat waktu atas komitmen
keuangan relatif terhadap penerbit atau kewajiban lain di negara yang sama. Di bawah skala Peringkat
Nasional lembaga tersebut, peringkat ini ditetapkan ke risiko gagal bayar terendah dibandingkan dengan
yang lain di negara atau serikat moneter yang sama. Di mana profil likuiditas sangat kuat, "4" ditambahkan
ke peringkat yang ditetapkan.

Dalam menerbitkan dan memantau pemeringkatannya, Fitch mengandalkan informasi faktual yang
diterimanya dari para emiten dan dari sumber lainnya yang Fitch percayai kredibilitasnya. Fitch melakukan
pemeriksaan yang masuk akal sehubungan dengan informasi faktual sesuai dengan metodologi
pemeringkatannya, dan mendapatkan verifikasi yang masuk akal mengenai informasi tersebut dari sumber
yang independen, sejauh sumber-sumber tersebut tersedia untuk efek tersebut atau dalam yurisdiksi
tersebut.

Sifat pemeriksaan faktual yang dilakukan Fitch dan cakupan dari verifikasi pihak-ketiga yang diperoleh
akan berbeda-beda bergantung pada sifat dari efek yang diperingkat dan emiten yang menerbitkannya,
ketentuan-ketentuan dan praktek dalam yurisdiksi dimana efek yang diperingkat ditawarkan/dijual atau
dimana emiten berada, tersedianya dan sifat dari informasi publik yang relevan, akses terhadap manajemen
dari emiten dan para penasihatnya, tersedianya verifikasi pihak ketiga yang sudah tersedia sebelumnya

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PT Fitch Ratings Indonesia
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Jakarta 12940, Indonesia
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Para pengguna pemeringkatan Fitch hendaknya mengerti bahwa pemeriksaan faktual atau verifikasi pihak
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ada sekarang dapat diverifikasi, pemeringkatan dapat dipengaruhi oleh kejadian-kejadian atau kondisi
lainnya di masa depan yang tidak dapat diantisipasi pada saat peringkat dipublikasikan atau ditetapkan.

Fitch terus berusaha meningkatkan kriteria dan metodologi pemeringkatannya, dan secara berkala
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dalam situs webnya. Metodologi dan kriteria yang digunakan untuk menentukan suatu tindakan
pemeringkatan adalah metodologi dan kriteria yang berlaku pada saat keputusan peringkat tersebut
dilakukan, yang untuk peringkat-peringkat publik yaitu tanggal komentar atas peringkat tersebut diberikan.
Setiap komentar yang diberikan untuk setiap tindakan pemeringkatan menyediakan informasi mengenai
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Pemeringkatan bukanlah sebuah rekomendasi atau saran, baik secara langsung ataupun tidak langsung,
kepada anda atau orang lain manapun untuk membeli, menjual, melakukan, atau menahan investasi,
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kena pajak dari pembayaran yang dibuat sehubungan dengan investasi, pinjaman atau efek apapun. Fitch
bukanlah penasihat anda, Fitch juga tidak menyediakan bagi anda atau bagi siapapun juga nasihat apapun
secara finansial, legal, auditing, akuntansi, appraisal, penilaian atau jasa aktuaria. Sebuah peringkat
hendaknya tidak dipandang sebagai pengganti dari jasa atau nasihat tersebut.

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PT Fitch Ratings Indonesia
DBS Bank Tower 24th Floor Suite 2403, Jl. Prof. Dr. Satrio Kav. 3-5
Jakarta 12940, Indonesia
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Penetapan peringkat oleh Fitch bukan merupakan persetujuan dari Fitch untuk menggunakan namanya
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Fitch memonitor peringkat secara terus menerus dan akan memperbaharui surat peringkat ini setidaknya
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Hormat kami,

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Oleh:

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Direktur

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PT Fitch Ratings Indonesia
DBS Bank Tower 24th Floor Suite 2403, Jl. Prof. Dr. Satrio Kav. 3-5
Jakarta 12940, Indi

162 21 4000 0180

9/12/23, 12:56 PM Fitch Affirms Surya Artha Nusantara Finance at 'AA(idn)' Outlook Stable

FitchRatings

RATING ACTION COMMENTARY

Fitch Affirms Surya Artha Nusantara Finance at 'AA(idn)': Outlook
Stable

Tue 12 Sep, 2023 - 1:33 AM ET

Fitch Ratings - Jakarta - 12 Sep 2023: Fitch Ratings Indonesia has affirmed PT Surya Artha
Nusantara Finance's (SANF) National Long-Term Rating at 'AAlidn)' with a Stable Outlook.
Its National Short-Term Rating has been affirmed at 'F1-(idn)'

'AA' National Long-Term Ratings denote expectations of a very low level of default risk
relative to other issuers or obligations in the same country or monetary union. The default
risk inherent differs only slightly from that of the country's highest rated issuers or
obligations.

'F1' National Short-Term Ratings indicate the strongest capacity for timely payment of
financial commitments relative to other issuers or obligations in the same country. Under
the agency's National Rating scale, this rating is assigned to the lowest default risk relative
to others in the same country or monetary union. Where the liguidity profile is particularly
strong, a"#" is added to the assigned rating.

KEY RATING DRIVERS

Support-Driven Ratings: SANF's ratings reflect Fitch's view of a moderate likelihood of
extraordinary support from its 6096 shareholder, PT Astra International Tbk (Al), if needed.
Al is one of Indonesia's largest conglomerates, with market leadership in the domestic
automotive and heavy-eguipment sectors, and is 50.196-owned by Hong Kong-based
Jardine Matheson Group's Jardine Cycle & Carriage Lid.

Heavy-Eguipment Financier: SANF provides financing services for heavy-eguipment

purchases. The business caters mainly to Al's heavy-eguipment arm, PT United Tractors
Tbk (UT), with affiliated brands such as Komatsu and UD Trucks dominating the share of

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9/12/23, 12:56 PM Fitch Affirms Surya Artha Nusantara Finance at 'AA(idn)': Outlook Stable

units financed, although the company's underwriting process is not brand-focused. SANF
also provides consumer financing and factoring services to Al's affiliates.

Stronger Support Provider: Fitch assesses that Al would have the ability to support SANF
due to the parent's stronger credit profile and significantly larger balance sheet. SANF's
assets and eguity comprised a relatively small share of its major shareholder's consolidated
assets and eguity, at 1.54 and 0.4X, respectively, as of June 2023.

Limited Support Propensity: Fitch believes Al's propensity to support SANF is limited by
the subsidiary's business model, which focuses on heavy-eguipment financing, a segment
we think carries lower importance to Al than the automotive segment. Our assessment also
considers SANF's smaller contribution to Al's overall business, and our belief of a lower
reputational risk if SANF were to default, compared with Al's larger financing subsidiaries.

This is counterbalanced by SANF's longstanding contribution as Al's financing arm for the
heavy-eguipment segment, which has helped its sister company UT maintain its leadership
of the sector, and a high level of integration with Al's strategic direction despite the
presence of Marubeni as a significant minority shareholder in SANF.

Cyclically Sensitive Exposures: SANF's standalone credit profile does not drive its ratings,
but reflects its small franchise and higher-risk profile due to the cyclical nature of its
business. This is balanced by acceptable management and governance as well as adeguate
Capitalisation and funding that benefits from its association with Al and Marubeni.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating
Action/Downgrade

Any deterioration in Al's credit profile is likely to result in negative action on SANF's
National Long-Term Rating. Fitch may also downgrade the long-term rating if we perceive
that Al's propensity to support its subsidiary has weakened. Indications of such changes
may include a significant decline in Al's shareholding in SANF or a reduction in SANF's
contribution to the Al group, which could stem from sustained lower contribution of heavy-
eguipment sales to Al's revenue or a sustained lower proportion of UT's heavy-eguipment
sales financed by SANF. Fitch does not expect these scenarios in the next 12-18 months.

The National Short-Term Rating would be resilient to at least a one-notch downgrade of the
National Long-Term Rating.

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Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

Fitch may take positive action on the National Long-Term Rating if we assess that Al's credit
profile has improved, or if stronger synergies between SANF and its parent suggest an
increase Al's propensity to support its subsidiary. This would include a higher contribution
from SANF to Al's overall business, a rising share of UT's heavy-eguipment sales financed
by SANF, or a greater emphasis by Al on its heavy-eguipment distribution business.

There is no upside to the National Short-Term Rating, which is at the highest point of the
relevant scale.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

SANF's senior bonds are rated at the same level as its National Long-Term Rating, as the
bonds constitute the company's direct and senior obligations and rank egually with all its
other senior obligations.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
Any movement in SANF's National Long-Term Rating would result in similar action on its

senior debt ratings.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are described in the Applicable
Criteria.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

SANF's rating is driven by Fitch's expectation of extraordinary support, if needed, from its
major shareholder, Al.

RATING ACTIONS
ENTITY /DEBT $ RATING $ PRIOR $
PT Surya Artha NatILT — AAfidn) Rating Outlook Stabl AAfidn) Rating
Nusantara Finance 2 lidn) Rating Outlook Stable Outlook
Stable

Affirmed

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9/12/23, 12:56 PM Fitch Affirms Surya Artha Nusantara Finance at 'AA(idn)', Outlook Stable

. F1efidn)
NatIST  Fi#lidn) — Affirmed

it d AAfidi
senior unsecure NatILT ” AAfidn) — Afirmed (idn)

VIEW ADDITIONAL RATING DETAILS
FITCH RATINGS ANALYSTS

Lucky Ariesandi, CFA

Director

Primary Rating Analyst

National

462 21 4000 0840

lucky.ariesandi@fitchratings.com

PT Fitch Ratings Indonesia

DBS Bank Tower 24th Floor, Suite 2403 Jl. Prof.Dr. Satrio Kav 3-5 Jakarta 12940

Jonathan Lee

Managing Director
Committee Chairperson

886 28175 7601
jonathan.lee@fitchratings.com

MEDIA CONTACTS

Leslie Tan

Singapore

#65 6796 7234
leslie.tan@thefitchgroup.com

Additional information is available on .htehratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the
transaction parties participated in the rating process except that the following issuerls), if
any, did not participate in the rating process, or provide additional information, beyond the
issuer's available public disclosure.

APPLICABLE CRITERIA

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9/12/23, 12:56 PM Fitch Affirms Surya Artha Nusantara Finance at 'AA(idnj', Outlook Stable
National Scale Rating Criteria (pub. 23 Dec 2020)

Non-Bank Financial Institutions Rating Criteria (pub. 06 May 2023) (including rating

assumption sensitivity)

ADDITIONAL DISCLOSURES
Solicitation Status

Endorsement Policy

ENDORSEMENT STATUS

PT Surya Artha Nusantara Finance -

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9/12/23, 12:56 PM Fitch Affirms Surya Artha Nusantara Finance at 'AA(idn)'s Outlook Stable

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9/12/23, 12:56 PM Fitch Affirms Surya Artha Nusantara Finance at 'AA(idn)': Outlook Stable

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9/12/23, 12:56 PM Fitch Affirms Surya Artha Nusantara Finance at 'AAfidn)', Outlook Stable

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https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-affirnns-surya-artha-nusantara-finance-at-aa-idn-outlook-stable-12-09-2023

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9/18/23, 11:54 AM PT. Surya Artha Nusantara Finance Mail - Fitch Rating Letter

» SANE Ewang Khoirul Asrori sewang.khoirul@sanf.co.id?
Fitch Rating Letter
Ariesandi, Lucky (Analytical) «lucky.ariesandi@fitchratings.com? Tue, Sep 12, 2023 at 1:01 PM

To: "ewang.khoirul@sanf.co.id" tewang.khoirul@sanf.co.id», Amanda Kumala Kamanda.kumala@sanf.co.id»
Ce: "Purnomo, Roy (Analytical)" sroy.purnomo@fitchratings.com?

Hi Pak Ewang,

Please find attached Fitch's latest rating letter and a copy of the commentary that was published earlier today. Thank
you and have a great day ahead!

Regards,
Lucky

Lucky Ariesandi, CFA, FRM
Director, Financ nstitutions Ratin:

FitehRatings

lucky.ariesandi@fitchratings.com
www.fitchratings.com

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2 attachments

tra) Published RAC SANF Sep-23.pdf
A 450K

3 PT Surya Artha Nusantara Finance Rating Letter 2023.09.12.pdf
3 427K

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