20260828_FIFA_Laporan Informasi dan Fakta Material_32133365_lamp1.pdf

8/21/26, 1:30 PM                               Fitch Affirms Federal International Finance's Ratings at 'BBB'/Negative and 'AAA(idn)'/Stable

 The Stable Outlook on FIF's National Long-Term Rating reflects no transfer and
 convertibility risks for the national-scale ratings.


 Core Subsidiary: Our view of shareholder support is based on FIF's integrated role in AI's
 automotive value chain, as the captive financier for sales of Honda motorcycles produced
 by PT Astra Honda Motor (AHM). AHM is a 50:50 joint venture between AI and Honda
 Motor Co., Ltd (A-/Negative), with Honda-branded motorcycles commanding the largest
 share in Indonesia's new two-wheeler sales. FIF also makes a substantial contribution to
 AI's consolidated net profit and is one of the largest subsidiaries in AI's financial services
 segment.


 Reputational Links: The overlapping creditor base between FIF and AI establishes strong
 reputational ties between the two companies. Fitch believes that a default by FIF would
 have significant reputational repercussions and may affect lenders' confidence in AI, which
 should motivate AI to provide extraordinary support to FIF if required.


 Close Integration: FIF and AI exhibit close integration in areas such as business strategy,
 financial reporting, funding activities and capital planning. This is reflected in high level of
 referrals from AI's two-wheeler distributors to FIF, regular monitoring and coordination
 meetings between the two companies, and AI's active oversight of FIF's fundraising
 strategies.


 Moderate Standalone Profile: FIF's standalone credit profile does not directly drive its
 ratings, but reflects its notable market position in Indonesia's finance and leasing sector,
 stable funding access and adequate profitability. We expect FIF's adequate net interest
 margins in motorcycle financing and cost control to support its profitability, providing
 buffer against potential increases in funding costs due to recent benchmark rate hikes as
 well as credit costs arising from its relatively risky customer base in the two-wheeler
 financing business.

 RATING SENSITIVITIES

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

 A downward revision in Indonesia's Country Ceiling of 'BBB' would lead to a corresponding
 downgrade of the Long-Term IDR and SSR of FIF.


 A significant deterioration in AI's credit profile or perceived weakening in AI's propensity to
 support FIF could lead to negative action on FIF's ratings. Potential indications may include

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8/21/26, 1:30 PM                               Fitch Affirms Federal International Finance's Ratings at 'BBB'/Negative and 'AAA(idn)'/Stable

 a material decline in AI's ownership or a significant increase in FIF's management
 independence, although Fitch considers this to be unlikely in light of FIF's role in AHM's
 business and AI's financial services segment as a captive financier.


 The National Short-Term Rating could be downgraded if there were a multi-notch
 downgrade of the National Long-Term Rating to 'A+(idn)'.

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

 The Outlook on the Long-Term IDR is likely to be revised back to Stable if the sovereign
 rating Outlook is revised to Stable.


 Fitch may take positive action on FIF's Long-Term IDR and SSR in the event of a significant
 improvement in AI's credit profile - indicating a strengthened ability to support FIF -
 coupled with an upgrade of Indonesia's Country Ceiling. However, we do not view this as a
 likely scenario given the current Negative Outlook on the sovereign rating.


 There is no upside for FIF's National Ratings because they are already at the highest points
 on our National Rating scale.

 DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

 FIF's foreign-currency bond programme is rated at the same level as its Long-Term IDR,
 while its rupiah debt programmes and associated bonds are rated on a par with its National
 Long-Term Rating, in line with Fitch's criteria. This is because the instruments and issuance
 under the programmes represent direct and senior obligations of the company and rank
 equally with all its other unsecured senior obligations.

 DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

 The ratings on the foreign-currency bond programme and local-currency programmes and
 bonds would move in tandem with FIF's Long-Term IDR and National Long-Term Rating,
 respectively.

 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


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8/21/26, 1:30 PM                                Fitch Affirms Federal International Finance's Ratings at 'BBB'/Negative and 'AAA(idn)'/Stable

 FIF's ratings are linked to Fitch's assessment of the credit profile of its shareholder, AI.

 ESG CONSIDERATIONS

 The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this
 section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit
 impact on the entity, either due to their nature or the way in which they are being managed
 by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an
 observation on the relevance and materiality of ESG factors in the rating decision. For more
 information on Fitch's ESG Relevance Scores, visit
 https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

                                                        RATING ACTIONS



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



      PT Federal                           LT IDR                 BBB Rating           Affirmed                   BBB Rating
      International Finance                                       Outlook                                         Outlook
                                                                  Negative                                        Negative


                                           Natl LT                AAA(idn) R           Affirmed                   AAA(idn) Rati
                                                                  ating                                           ng Outlook
                                                                  Outlook                                         Stable
                                                                  Stable


                                           Natl ST                F1+(idn)             Affirmed                   F1+(idn)


                                           Shareholder            bbb                  Affirmed                   bbb
                                           Support


          senior unsecured                 LT                     BBB                  Affirmed                   BBB


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



   VIEW ADDITIONAL RATING DETAILS


 FITCH RATINGS ANALYSTS



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8/21/26, 1:30 PM                               Fitch Affirms Federal International Finance's Ratings at 'BBB'/Negative and 'AAA(idn)'/Stable

 Roy Purnomo
 Director
 Primary Rating Analyst
 National
 +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


 Tamma Febrian
 Director
 Primary Rating Analyst
 International
 +65 6796 7237
 tamma.febrian@fitchratings.com
 Fitch Ratings Singapore Pte Ltd.
 1 Wallich Street #19-01 Guoco Tower Singapore 078881


 Roy Purnomo
 Director
 Secondary Rating Analyst
 International
 +62 21 4000 0982
 roy.purnomo@fitchratings.com


 Jonathan Lee
 Managing Director
 Committee Chairperson
 +886 2 8175 7601
 jonathan.lee@fitchratings.com

 MEDIA CONTACTS

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




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8/21/26, 1:30 PM                               Fitch Affirms Federal International Finance's Ratings at 'BBB'/Negative and 'AAA(idn)'/Stable

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

 Dodd-Frank Rating Information Disclosure Form
 Solicitation Status

 Endorsement Policy

 ENDORSEMENT STATUS
 PT Federal International Finance                                         EU Endorsed, UK Endorsed


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 and the FCA are required to publish historical default rates in a central repository in
 accordance with Articles 11(2) of Regulation (EC) No 1060/2009 of the European



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8/21/26, 1:30 PM                               Fitch Affirms Federal International Finance's Ratings at 'BBB'/Negative and 'AAA(idn)'/Stable

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8/21/26, 1:30 PM                               Fitch Affirms Federal International Finance's Ratings at 'BBB'/Negative and 'AAA(idn)'/Stable

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8/21/26, 1:30 PM                               Fitch Affirms Federal International Finance's Ratings at 'BBB'/Negative and 'AAA(idn)'/Stable

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8/21/26, 1:30 PM                               Fitch Affirms Federal International Finance's Ratings at 'BBB'/Negative and 'AAA(idn)'/Stable

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