Pefindo upgrades Malindo bond rating to AA+

JAKARTA: Local rating agency PT Pemeringkat Efek Indonesia (Pefindo) has upgraded rating of bond I/2008 issued by PT Malindo Feedmill Tbk worth IDR300 billion to AA+ from AA-. In an official statement last night, the rating upgrade is an impact of guarantee
Wandrik Panca Adiguna | 09 Desember 2010 00:05 WIB

JAKARTA: Local rating agency PT Pemeringkat Efek Indonesia (Pefindo) has upgraded rating of bond I/2008 issued by PT Malindo Feedmill Tbk worth IDR300 billion to AA+ from AA-. In an official statement last night, the rating upgrade is an impact of guarantee of PT Bank CIMB Niaga Tbk providing unconditional and irrevocable standby letter of credit."Bank Niaga acts as 100% guarantor of bond principal and maximum 2 folds of interest payment," said Pefindo analyst Doni Kuswantoro said.About 34% of the bond proceed maturing on March 2013 has been used by Malindo to acquire PT Leong Ayamsatu Primadona, affiliated company.Malindo has utilized 18% of the proceed to support working capital and the remaining will be used to build a new plant at Cikande, Banten, scheduled to operate commercially next year.Doni said the rating upgrade is also underpinned by CIMB Niaga rating, the fifth largest bank by asset with AA+ rating with stable outlook. (wiw)

Simak berita lainnya seputar topik artikel ini, di sini :

Editor : Mursito

Berita Terkait



Berita Terkini Lainnya



Top