Fitch Ratings has raised the long-term issuer default rating (Idr) of Anima Holding to 'BBB' from 'BBB-' with stable outlook.

Fitch also raised the senior unsecured long-term rating to 'BBB' from 'BBB-'.

According to the rating agency, the upgrade reflects Anima's continued improvement in cash flow leverage, with gross debt-to-EBITDA ratio, excluding performance fees, declining to 2.4 times at the end of 2023 from 2.7 times at the end of 2022.

(Giancarlo Navach, editing Gianluca Semeraro)