OREANDA-NEWS. Fitch Ratings has affirmed Indonesia-based investment holding company PT Saratoga Investama Sedaya Tbk's (Saratoga) National Long-Term Rating at 'BBB+(idn)' with Stable Outlook, while simultaneously withdrawing the rating.

Fitch is withdrawing the rating of Saratoga as it is no longer considered by Fitch to be relevant to the agency's coverage because the company has no plans to raise debt or other form of borrowing which will use the rating.

'BBB' National Ratings denote a moderate default risk relative to other issuers or obligations in the same country. However, changes in circumstances or economic conditions are more likely to affect the capacity for timely repayment than is the case for financial commitments denoted by a higher rated category.

KEY RATING DRIVERS

The rating has been affirmed because there has been no material change in the company's business and financial risk since the last rating action in December 2015. Its loan-to-value ratio is currently about 27%. Its liquidity remains adequate with the ratio of dividends received plus cash to interest at 3.1x as of end-December 2015, and debt maturing over the next 12 months forms less than 10% of the portfolio value.

RATING SENSITIVITIES
No longer relevant as the rating has been withdrawn.