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Berlina's long term credit rated BBB(Idn)

JAKARTA: Fitch Ratings has affirmed Indonesia-based plastic packaging manufacturer PT Berlina Tbk's national long-term rating at 'BBB(idn)' with stable outlook.In a press release published today, Fitch said the rating reflects Berlina's expertise in

JAKARTA: Fitch Ratings has affirmed Indonesia-based plastic packaging manufacturer PT Berlina Tbk's national long-term rating at 'BBB(idn)' with stable outlook.In a press release published today, Fitch said the rating reflects Berlina's expertise in plastic packaging, robust industry dynamics, exposure to established customers and sound credit profile.Berlina's revenues grew by a compound annual growth rate of approximately 15% in the past five years and would continue to benefit from the growing fast-moving consumer goods (FMCG) and food&beverage markets in both Indonesia and China.Berlina derives about 67% of its consolidated revenues from Unilever Indonesia and Unilever China, its major customers. Although there is no long-term off-take agreement between the companies, the relationship is strong, spanning about 40 years. Fitch considers the relationship to be positive for Berlina's credit profile given Unilever's strong position in the FMCG industry.The rating remains constrained by Berlina's limited scale, with operating EBITDA of IDR96 billion in 2010 and the capital-intensive nature of the business which has resulted in negative free cash flow generation in the past three years. Berlina's expected capex in 2011 and 2012 are substantial; however, Fitch notes that some of this could be deferred if necessary; especially as Berlina is currently running at capacity utilization levels of about 70%.

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