Fitch Assigns rating of AAA to Bentoel's bond

Fitch Ratings has today assigned a final National Long-term rating of AAA(idn) to Indonesia's PT Bentoel Internasional Investama Tbk's senior unsecured note (Bentoel I 2007) of IDR1.35trn due in 2012. The Outlook is Stable.
The rating action follows the provision of a full, irrevocable and unconditional guarantee on the notes by British American Tobacco plc (BAT, BBB+/Stable), effective 16 September 2009. On the same date, the noteholders consented to remove all financial covenants and other limitations placed on Bentoel relating to the notes, such as the incurrence of new indebtedness, asset collateralisation and disposal, and or M&A activities.
The final rating is in line with the expected rating assigned on 8 September 2009 (for details please refer to the press release, Fitch Assigns Expected National Rating of AAA to Bentoel's rupiah bond.
Bentoel is 99.74% owned by BAT. Bentoel is a holding company with interest in a number of cigarette manufacturers. In the first six months to end-June 2009, it recorded revenue of IDR2.9tn and EBITDA of IDR251.2.bn.