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Friday, October 9, 2009

Moody's Indonesia returns business permit

as published in Bisnis Indonesia daily newspaper

Jumat, 09/10/2009 00:00 WIB
Moody's Indonesia returns business permit

JAKARTA: The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) since last week has officially received the business permit returned by rating agency PT Moody's Indonesia.

Accounting and Transparency Standard Bureau Chief of Bapepam-LK Etty Retno Wulandari revealed the business permit revocation had been approved of by Head of Bapepam-LK Ahmad Fuad Rahmany through Decision Letter Kep-339/BL/2009. The copy of the letter, dated September 30, was just sent to her yesterday.

"Therefore, their [Moody's Indonesia] obligation to us, which issues business permit, in returning their permit has been settled," Etty told the press yesterday.

She explained in the letter the capital market authority revoked Decision Letter Kep-37/PM/1997 on Business Permit as Securities Rating Agency issued on December 9, 1997.

The business permit was issued to PT Kasnic Duff & Phelps Rating Indonesia, which changed name in January 2007 to Moody's Indonesia after the change in the shareholders.

According to her, the shareholders and the management of the company in the letter had approved of the disbandment and liquidation of the rating agency.

The shutdown of Moody's Indonesia is made following Moody's Corporation's decision to close two other branch offices in Taipei, Taiwan and Indiana, the US, in the wake of the impacts of the global crisis. Moody's Corporation is the holding company of Moody's Investor Services, one of the largest rating agencies in the world.

Moody's Corporation controls a 99% stake in Moody's Indonesia. The holding company is currently restructuring their businesses in the wake of the global crisis.

In Asia Pacific, the company decides to hold their big businesses in Japan, Australia, Hong Kong, and Singapore.

Record by Bisnis showed that Moddy's Indonesia's letter to Bapepam-LK informed that the liquidation process was projected to be completed by the end of last month. However, it turned out the process was time-consuming, so that it could yet be completed so far.

Moody's Indonesia previously planned to return their business permit as rating agency to Bapepam-LK at the end of June 2009.

Based on Moody's' letter 115/Moody's/DIR/VI/200 to Bapepam-LK on June 24, then President Director of Moody's Indonesia Minon Almasyur said the company had first withdrawn 21 national note grades.

The notes consist of bonds and medium-term notes. In addition, the company has withdrawn seven corporation ratings consisting of two already published ratings and five rated in private. (21)



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