JAKARTA: A credit rating agency Pefindo raised its ratings for PT BCA Finance and the company's outstanding bond II/2007 and bond III/2010 to "idAA+" from "idAA".PT Pemeringkat Efek Indonesia (Pefindo) also raised the rating of the company's subordinated debt I/2010 to "idAA" from "idAA-". Outlook for the corporate credit rating is "stable".At the same time, Pefindo assigned "idAA+" rating to the company's proposed bond IV/2011 amounting to IDR1.1 trillion.Hendro Utomo and Dimas Rizki Aditya, analysts at Pefindo, said that the upgrade is driven by BCA Finance's role as a highly important subsidiary of PT Bank Central Asia Tbk as the controlling shareholder. The rating also reflects very strong market position and favorable asset quality indicators.However, the ratings are constrained by tight competition in the industry, they said in a press statement today.For bond III/2010 serie A worth IDR211.5 bilion which will fall due on June 23, 2011, Pefindo views that the company has the capability to fulfill its obligation.The company will settle the payment by utilizing cash generation from receivables collection.Currently, Bank Central Asia owns 99.6% shares, whilst the remaining of the shares is owned by BCA Finance Limited. The company focuses its business on consumer financing for multi-brand cars.BCA Finance has 34 branches in major cities in Indonesia, in addition to banking network of BBCA-coded company. (NOM)
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