20260529_HIFI_Laporan Hasil Pemeringkatan_32095739_lamp2.pdf

5/26/26, 12:26 PM                              Fitch Affirms Hino Finance Indonesia at 'AA+(idn)'; Off Rating Watch Evolving; Outlook Stable

 shareholder - each own 25% in the new holding company, which is also listed on the Tokyo
 Stock Exchange. Hino Motors' credit profile is now solely driven by its standalone credit
 profile without any expectation of shareholder support from TMC. ARCHION's limited
 financial information precludes Fitch from assessing its credit profile and considering
 shareholder support for Hino Motors.


 Shareholder Support Drives Rating: HFI's rating reflects Fitch's expectation that Hino
 Motors would provide extraordinary support to its Indonesian financing subsidiary, if
 required. This is underpinned by HFI's role as the captive financier for Hino Motors'
 commercial vehicle sales in Indonesia, the second largest market for the automaker. It also
 reflects the shared branding and ordinary support from Hino Motors to HFI.


 Joint Shareholding Structure: HFI is owned by Hino Motors, Ltd. (40%), local conglomerate
 PT Indomobil Multi Jasa Tbk (40%) and Summit Global Auto Management B.V. (20%), a
 subsidiary of Sumitomo Corporation. This shareholder structure is the same as that of Hino
 Motors' distribution company in Indonesia, reflecting the shareholders' established
 collaboration and expertise in both local distribution and financing. We view Hino Motors
 as HFI's main source of support, given HFI's role as a captive finance company and the
 shared brand.


 Adequate Standalone Profile: HFI's rating is not directly driven by its standalone credit
 profile, which we view as weaker than its support-driven rating. Even so, we believe HFI has
 a strong position in its commercial vehicle financing niche, asset quality above peer average
 that compensates for modest profitability, moderate leverage, and adequate funding access
 supported by its links to its shareholders.

 RATING SENSITIVITIES

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

 HFI's rating is sensitive to Hino Motors' ability and propensity to provide extraordinary
 support to the subsidiary in times of need. A significant deterioration in Hino Motors'
 financial profile could diminish its ability to support its subsidiary and may be negative for
 HFI's rating.


 Any weakening in the relationship between Hino Motors and HFI could dilute the parent's
 propensity to support its subsidiary and could lead to negative rating action on HFI. This
 could result from a material decline in HFI's role and contribution to Hino Motors' overall


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5/26/26, 12:26 PM                              Fitch Affirms Hino Finance Indonesia at 'AA+(idn)'; Off Rating Watch Evolving; Outlook Stable

 business, including a strategic shift within the Hino group, reducing Hino Motors ownership
 in HFI, or declining integration between the two entities.


 HFI's support-driven rating also depends on Fitch's assessment on Hino Motors' credit
 profile. If Fitch is no longer able to reliably assess the parent's credit profile and propensity
 to provide support, Fitch may no longer be able to maintain HFI's rating, or the rating could
 instead be based on by its standalone credit profile, which may be several notches lower
 than its current rating.

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

 An improvement in Hino Motors' credit profile could drive positive rating action on HFI,
 provided that the strategic links between Hino Motors and HFI as well as Hino Motors'
 propensity to support HFI remain intact.


 A closer perceived relationship and stronger integration between Hino Motors and HFI
 could also lead to positive rating action on HFI. This may include significant increase in Hino
 Motors' shareholding in HFI.

 DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

 The affirmation and removal of the RWE on the programme and bond ratings are driven by
 the rating action on HFI's National Long-Term Rating. HFI's rupiah bond programme and
 issuance are rated on a par with its National Long-Term Rating, in line with Fitch's criteria.
 This is because the instruments represent direct and senior obligations of the company, and
 rank equally with all its other senior obligations.

 DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

 HFI's local-currency bond programme and instrument ratings will move in tandem with its
 National Long-Term Rating.

 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

 HFI's ratings are based on Fitch's expectation of extraordinary support from its
 shareholder, Hino Motors, in times of need.

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5/26/26, 12:26 PM                              Fitch Affirms Hino Finance Indonesia at 'AA+(idn)'; Off Rating Watch Evolving; Outlook Stable

                                                       RATING ACTIONS



      ENTITY / DEBT                      RATING                RATING             RATING                    PRIOR 
                                          TYPE                                     ACTION 



      PT Hino Finance                      Natl LT               AA+(idn) RatingAffirmed
                                                                                Outlook Stable                   AA+(idn)
      Indonesia


          senior unsecured                 Natl LT               AA+(idn)             Affirmed                   AA+(idn)


 VIEW ADDITIONAL RATING DETAILS


 FITCH RATINGS ANALYSTS

 Roy Purnomo
 Director
 Primary Rating Analyst
 +62 21 4000 0982
 roy.purnomo@fitchratings.com
 PT Fitch Ratings Indonesia
 DBS Bank Tower 24th Floor, Suite 2403 Jl. Prof.Dr. Satrio Kav 3-5 Jakarta 12940


 Katie Chen
 Senior Director
 Committee Chairperson
 +886 2 8175 7614
 katie.chen@fitchratings.com

 MEDIA CONTACTS

 Leslie Tan
 Singapore
 +65 6796 7234
 leslie.tan@thefitchgroup.com


 Vivian Kam
 Hong Kong
 +852 2263 9612
 vivian.kam@thefitchgroup.com

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5/26/26, 12:26 PM                              Fitch Affirms Hino Finance Indonesia at 'AA+(idn)'; Off Rating Watch Evolving; Outlook Stable

 Peter Hoflich
 Singapore
 +65 6796 7229
 peter.hoflich@thefitchgroup.com


 Additional information is available on www.fitchratings.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 issuer(s), if
 any, did not participate in the rating process, or provide additional information, beyond the
 issuer’s available public disclosure.

 APPLICABLE CRITERIA

 National Scale Rating Criteria (pub. 23 Dec 2020)
 Non-Bank Financial Institutions Rating Criteria (pub. 01 Feb 2025) (including rating
 assumption sensitivity)



 ADDITIONAL DISCLOSURES

 Solicitation Status
 Endorsement Policy

 ENDORSEMENT STATUS

 PT Hino Finance Indonesia                                                                                    -



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5/26/26, 12:26 PM                              Fitch Affirms Hino Finance Indonesia at 'AA+(idn)'; Off Rating Watch Evolving; Outlook Stable

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5/26/26, 12:26 PM                              Fitch Affirms Hino Finance Indonesia at 'AA+(idn)'; Off Rating Watch Evolving; Outlook Stable

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5/26/26, 12:26 PM                              Fitch Affirms Hino Finance Indonesia at 'AA+(idn)'; Off Rating Watch Evolving; Outlook Stable

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5/26/26, 12:26 PM                              Fitch Affirms Hino Finance Indonesia at 'AA+(idn)'; Off Rating Watch Evolving; Outlook Stable

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