...Rating Outlook Stable: Fitch Ratings expects the credit profile of Indonesian auto-related issuers to remain stable in 2016, assuming that current market conditions do not worsen significantly. Minimal or scalable capex as well as inventory management should help issuers to manage cash flows and liquidity. GDP Growth Supporting Sales: Fitch forecasts GDP growth of 5.3% in 2016, higher than its 2015 forecast of 4.8%. GDP growth in 2016 will be supported by an increase in government spending which has been delayed in 2015. Fragile Recovery: Fitch expects car sales volumes to remain relatively flat in 2016 at about 990,000 to 1 million units, or up 3% yoy from our forecast of about 966,000 units for 2015. However, the transition from two- to four-wheel vehicles will be at a much slower pace, given the current macro challenges. Fitch also expects motorcycle sales volume growth of about 3% in 2016. In 9M15, car and motorcycle sales volumes declined by 18% yoy and 20% yoy, respectively. Weak...
