Fitch Ratings has affirmed PT Garuda Indonesia Tbk’s (Garuda) National Long-Term Rating at ‘BBB+(idn)’ and revised the Outlook to Stable from Negative. At the same time, Garuda’s senior unsecured debt class rating and rating on its outstanding IDR2trn bond due in 2018 have also been affirmed at ‘BBB+(idn)’. ‘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. The Outlook revision to Stable

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