20240729_BAFI_Laporan Hasil Pemeringkatan_31688595_lamp1.pdf

Jakarta, 26 Juli 2024
No.: 140/DIR/RATLTR/VII/2024

Kepada Yth.
Ibu Lynn Ramli
Presiden Direktur
PT Bussan Auto Finance
BAF Plaza
Jalan Raya Tanjung Barat No 121 RT 14/RW 4
Kelurahan Tanjung Barat
Kecamatan Jagakarsa, Kota Jakarta Selatan
Jakarta 12530

Perihal: Peringkat PT Bussan Auto Finance

Dengan hormat,

PT Fitch Ratings Indonesia (“Fitch”) mengafirmasi peringkat-peringkat berikut ini:

    -    Peringkat Nasional Jangka Panjang di ‘AAA(idn)’; Outlook Stabil.
    -    Peringkat Nasional Jangka Panjang di ‘AAA(idn)’ untuk Program Obligasi Berkelanjutan II
         Bussan Auto Finance Tahun 2022.
    -    Peringkat Nasional Jangka Panjang di ‘AAA(idn)’ untuk Obligasi Berkelanjutan I Bussan Auto
         Finance Tahap III dan IV Tahun 2021.
    -    Peringkat Nasional Jangka Panjang di ‘AAA(idn)’ untuk Obligasi Berkelanjutan I Bussan Auto
         Finance Tahap V Tahun 2022.
    -    Peringkat Nasional Jangka Panjang di ‘AAA(idn)’ untuk Obligasi Berkelanjutan II Bussan Auto
         Finance Tahap I dan II Tahun 2022.
    -    Peringkat Nasional Jangka Panjang di ‘AAA(idn)’ untuk Obligasi Berkelanjutan II Bussan Auto
         Finance Tahap III dan IV Tahun 2023.
    -    Peringkat Nasional Jangka Panjang di ‘AAA(idn)’ untuk Program Obligasi Berkelanjutan III
         Bussan Auto Finance sejumlah maksimum IDR5 triliun.
    -    Peringkat Nasional Jangka Panjang di ‘AAA(idn)’ untuk Obligasi Berkelanjutan III Bussan Auto
         Finance Tahap I Tahun 2024.

Peringkat Nasional 'AAA' menunjukkan peringkat tertinggi yang diberikan oleh Fitch dalam skala
Peringkat Nasional untuk negara tersebut. Peringkat ini diberikan kepada emiten atau obligasi dengan
ekspektasi paling rendah terhadap risiko gagal bayar dibandingkan dengan semua emiten atau obligasi lain
di negara atau serikat moneter yang sama.

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

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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
T + 62 21 2988 6800 | F + 62 21 2988 6822

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
seperti laporan audit, surat-surat mengenai prosedur-prosedur yang telah disepakati sebelumnya,
appraisals, laporan aktuaria, laporan teknis, opini legal dan laporan lainnya yang disediakan oleh pihak
ketiga, tersedianya sumber verifikasi pihak ketiga yang independen dan kompeten sehubungan dengan efek
tertentu atau dalam yurisdiksi tertentu dari emiten, dan banyak faktor-faktor lainnya.

Para pengguna pemeringkatan Fitch hendaknya mengerti bahwa pemeriksaan faktual atau verifikasi pihak
ketiga manapun tidak dapat memastikan bahwa semua informasi yang diandalkan Fitch sehubungan dengan
proses pemberian peringkat akan pasti akurat atau lengkap. Sehingga, para emiten dan penasihatnyalah
yang bertanggung jawab atas keakuratan dari informasi yang mereka sediakan bagi Fitch dan bagi pasar
dalam dokumen penawaran dan laporan-laporan lainnya. Dalam menerbitkan pemeringkatannya, Fitch
harus mengandalkan pekerjaan dari para ahli, termasuk auditor independen sehubungan dengan laporan
keuangan dan pengacara sehubungan dengan permasalahan legal dan pajak. Lagi pula, pemeringkatan
berpandangan kedepan dan menggambarkan asumsi dan perkiraan mengenai kejadian-kejadian di masa
depan, yang pada dasarnya tidak bisa diverifikasi sebagai fakta. Oleh karena itu, walaupun fakta-fakta yang
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
memperbaharui penjelasannya sehubungan dengan kriteria dan metodologinya terhadap efek jenis tertentu
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
kriteria dan metodologi yang digunakan untuk menghasilkan peringkat yang telah diberikan, yang dapat
berbeda dari kriteria dan metodologi umum untuk tipe efek yang sama yang terdapat di situs web pada
waktu-waktu tertentu. Untuk alasan ini, anda hendaknya selalu memperhatikan komentar atas tindakan
pemeringkatan yang bersangkutan untuk informasi yang paling akurat berdasarkan peringkat publik apapun
yang diberikan.

Peringkat didasarkan atas kriteria dan metodologi yang ditetapkan Fitch dan yang secara berkelanjutan
dievaluasi dan diperbaharui. Maka, pemeringkatan adalah produk pekerjaan kolektif dari Fitch dan tidak
ada pribadi atau sekelompok pribadi yang secara terpisah bertanggung jawab atas sebuah peringkat. Semua
laporan Fitch adalah hasil kerjasama. Individu yang diidentifikasi dalam laporan Fitch, terhubung, tetapi
tidak secara pribadi bertanggung jawab atas opini yang dinyatakan disana. Individu tersebut dicantumkan
hanya untuk tujuan komunikasi.



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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
T + 62 21 2988 6800 | F + 62 21 2988 6822

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,
pinjaman atau efek apapun atau untuk menentukan strategi investasi apapun sehubungan dengan investasi,
pinjaman atau efek apapun atau emiten apapun. Pemeringkatan tidak mengomentari kewajaran dari harga
pasar, kecocokan dari investasi manapun, pinjaman atau efek untuk investor tertentu (termasuk namun tidak
terbatas pada, penerapan prinsip akuntansi dan/atau peraturan regulator tertentu), atau sifat bebas pajak dan
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.

Penetapan peringkat oleh Fitch bukan merupakan persetujuan dari Fitch untuk menggunakan namanya
sebagai ahli sehubungan dengan pernyataan registrasi apapun atau pendaftaran apapun dibawah undang-
undang AS, Inggris atau undang-undang efek lain manapun. Fitch tidak menyetujui dimasukkannya surat
tertulis apapun yang memberitahukan tindakan pemeringkatan Fitch di dalam dokumen penawaran apapun.

Fitch memonitor peringkat secara terus menerus dan akan memperbaharui surat peringkat ini setidaknya
sekali dalam satu tahun. Merupakan hal yang penting bahwa Anda harus segera memberikan kepada kami
semua informasi yang mungkin bersifat material bagi pemberian peringkat agar pemberian peringkat kami
terus sesuai. Peringkat dapat dinaikkan, diturunkan, dicabut, atau dimasukkan dalam Peringkat Yang
Dipantau/Rating Watch karena perubahan-perubahan, tambahan-tambahan, keakuratan atau
ketidakakuratan informasi atau karena alasan lainnya yang dianggap cukup oleh Fitch.

Tidak ada hal apapun dalam surat ini yang dapat dimaksudkan atau diartikan sebagai pembuatan hubungan
fidusia antara Fitch dengan anda atau antara Fitch dengan pengguna pemeringkatannya.

Peringkat publik akan valid dan efektif hanya setelah publikasi peringkat di situs www.fitchratings.com.

Kami senang mendapatkan kesempatan untuk memberikan layanan jasa kami kepada Anda. Apabila kami
dapat membantu lebih jauh, silahkan menghubungi Tisha Mamuaya, Analyst di +6221- 40000544.


Hormat kami,

PT Fitch Ratings Indonesia
Oleh:




Olly Prayudi
Direktur




                                              Halaman 3 dari 3

PT Fitch Ratings Indonesia
DBS Bank Tower 24th Floor Suite 2403
Jl. Prof. Dr. Satrio Kav. 3-5
Jakarta 12940
Indonesia
T + 62 21 2988 6800 | F + 62 21 2988 6822

7/26/24, 9:45 PM                                    Fitch Affirms Indonesia's Bussan Auto Finance at 'AAA(idn)'; Outlook Stable




 RATING ACTION COMMENTARY

 Fitch Affirms Indonesia's Bussan Auto Finance at 'AAA(idn)';
 Outlook Stable
 Fri 26 Jul, 2024 - 4:33 AM ET


 Fitch Ratings - Jakarta - 26 Jul 2024: Fitch Ratings Indonesia has affirmed the National
 Long-Term Rating of PT Bussan Auto Finance (BAF) at 'AAA(idn)' with Stable Outlook.
 The ratings on the company's senior rupiah issuances have also been affirmed at
 'AAA(idn)'.


 'AAA' National Ratings denote the highest rating assigned by the agency in its National
 Rating scale for that country. This rating is assigned to issuers or obligations with the
 lowest expectation of default risk relative to all other issuers or obligations in the same
 country or monetary union.

 KEY RATING DRIVERS

 Shareholder Support Drives Ratings: BAF's National Long-Term Rating is driven by our
 expectation of extraordinary support from its 45% shareholder, Japanese conglomerate
 Mitsui & Co., Ltd., if needed. This view is underpinned by Mitsui's role as the major credit
 enhancement provider for BAF's guaranteed bank facilities, its effective ownership of
 BAF, and our assessment of Mitsui's strong credit profile, which underpins its ability to
 support BAF, if required.


 Modest Shareholder Synergies: The rating is balanced by BAF's relatively limited role in
 the Mitsui group. BAF's business scope and financial contribution are small compared to
 Mitsui's global operations. Mitsui's reduced shareholding and guarantee proportion
 after selling a 20% stake in BAF to JA Mitsui Leasing, Ltd. (JAML, a joint venture of
 Norinchukin Bank, Mitsui and others) in 2023, also imply the Japanese conglomerate's
 lower effective exposure to BAF.


 Nonetheless, the Stable Outlook reflects our expectation that the shareholder
 relationship and support propensity will remain broadly steady in the near to medium
 term.

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7/26/24, 9:45 PM                                    Fitch Affirms Indonesia's Bussan Auto Finance at 'AAA(idn)'; Outlook Stable

 Yamaha Motorcycle Sales Financier: BAF operates as a captive financing company to
 support sales of Yamaha motorcycles in Indonesia. New Yamaha two-wheelers
 comprised 55% of BAF's financing receivables at end-2023, although the company has
 also diversified into other lending products in recent years.


 Interlinked Shareholder Relationships: BAF's other shareholders include JAML (20.0%),
 Yamaha Motor Co., Ltd. (17.7%), PT Yamaha Indonesia Motor Manufacturing (2.3%), and
 local partner PT Sinergi Autoindo Abadi (15.0%). Mitsui owns 31.7% of JAML, and has a
 history of international partnership with Yamaha. This demonstrates the multiple points
 of collaboration among the partners, which raises the prospects for shareholder support
 to maintain stability in the various business relationships.


 Considerable Ability to Support: Our assessment of parent support is premised on
 Mitsui's robust ability to provide support. We view the Japanese conglomerate's credit
 profile as materially stronger than BAF's standalone profile, and believe any required
 financial assistance to BAF will be immaterial relative to Mitsui's financial resources.
 BAF's total assets and equity accounted for 0.8% and 0.3% of Mitsui's consolidated
 assets and equity at end-2023, respectively.


 Moderate Intrinsic Credit Profile: BAF's standalone credit profile does not drive its
 ratings, and is assessed to be weaker than its support-driven rating due to BAF's
 moderate franchise and financial profile. BAF's financing receivables amounted to a
 modest 3% of multi-finance industry receivables at end-2023, and the non-performing
 financing ratio of 4.2% at end-2023 remained higher than the industry average of 2.4%.
 We attribute the weaker asset quality performance to the company's higher-risk
 appetite, as reflected in its concentration in two-wheeler financing and other riskier
 segments.


 Profitability, as measured by average pre-tax profit/average assets of 3.4% over 2020-
 2023, was lower than the industry average of 4.5% as the earnings have been affected
 by volatile credit costs. BAF's debt/tangible equity of 4.4x at end-2023 (end-2020: 7.3x)
 has reduced and provided considerable headroom relative to the debt/equity limit of
 10x required by the regulator.

 RATING SENSITIVITIES

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

 The rating is sensitive to Fitch's assessment of Mitsui's ability and propensity to provide
 timely extraordinary support, if needed. A meaningful deterioration in Mitsui's financial
 performance and credit profile would place downward pressure on BAF's rating.


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7/26/24, 9:45 PM                                    Fitch Affirms Indonesia's Bussan Auto Finance at 'AAA(idn)'; Outlook Stable

 Fitch may take negative rating action if we perceive that Mitsui's propensity to provide
 extraordinary support has diminished. This may be due to a further reduction in Mitsui's
 ownership and board representation, or further decline in Mitsui's share of BAF's loan
 guarantees, indicating lower reputational and legal risks from a BAF default.


 Such changes could result in a multi-notch downgrade, particularly if Mitsui's ownership
 and involvement are not replaced by another strong majority shareholder that could
 underpin support for BAF. In such a scenario, BAF's rating would be based solely on its
 standalone credit profile, which could be significantly weaker than current levels.


 Consistent poor performance by BAF may also test the shareholder's willingness to
 support the affiliate and lead to negative rating action. Any significant weakening in
 Mitsui's credit profile would also pressure BAF's rating.

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

 There is no rating upside, as the rating is at the highest point on the national scale.

 DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

 BAF's bonds and bond programmes are rated at the same level as its National Long-Term
 Rating under Fitch's criteria, as they represent the company's direct and senior
 obligations and rank equally with all its other senior obligations. Some of BAF's
 outstanding bonds are partially covered by receivables collateral and the rest are fully
 unsecured, but we do not consider such collateral as a rating enhancement under our
 criteria.

 DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

 Any change in BAF's National Long-Term Rating would lead to corresponding action on
 the issue 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

 BAF's National Long-Term Rating is driven by our expectation of extraordinary support
 from Mitsui in times of need.


                                                 RATING ACTIONS

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7/26/24, 9:45 PM                                    Fitch Affirms Indonesia's Bussan Auto Finance at 'AAA(idn)'; Outlook Stable


      ENTITY / DEBT                      RATING                                                          PRIOR 



      PT Bussan Auto                                                                                       AAA(idn) Rating
                                             Natl LT
      Finance                                                                                              Outlook
                                                                                                           Stable
                                             AAA(idn) Rating Outlook Stable


                                             Affirmed



          senior unsecured                                                                                 AAA(idn)
                                             Natl LT       AAA(idn)         Affirmed



          senior unsecured                                                                                 AAA(idn)
                                             Natl LT       AAA(idn)         Affirmed



 VIEW ADDITIONAL RATING DETAILS
 FITCH RATINGS ANALYSTS

 Tisha Mamuaya
 Analyst
 Primary Rating Analyst
 +62 21 4000 0544
 tisha.mamuaya1@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
https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-affirms-indonesia-bussan-auto-finance-at-aaa-idn-outlook-stable-26-07-…   4/8

7/26/24, 9:45 PM                                    Fitch Affirms Indonesia's Bussan Auto Finance at 'AAA(idn)'; Outlook Stable

 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)
 Country-Specific Treatment of Recovery Ratings Criteria (pub. 04 Mar 2023)
 Non-Bank Financial Institutions Rating Criteria (pub. 18 Jan 2024) (including rating
 assumption sensitivity)



 ADDITIONAL DISCLOSURES

 Solicitation Status
 Endorsement Policy

 ENDORSEMENT STATUS

 PT Bussan Auto Finance                                                                                -



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7/26/24, 9:45 PM                                    Fitch Affirms Indonesia's Bussan Auto Finance at 'AAA(idn)'; Outlook Stable

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 ratings, based on historical performance. A simple average across asset classes presents

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7/26/24, 9:45 PM                                    Fitch Affirms Indonesia's Bussan Auto Finance at 'AAA(idn)'; Outlook Stable

 best-case upgrades of 4 notches and worst-case downgrades of 8 notches at the 99th
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7/26/24, 9:45 PM                                    Fitch Affirms Indonesia's Bussan Auto Finance at 'AAA(idn)'; Outlook Stable

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