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Tuesday, May 11, 2010

Pembangunan Jaya Ancol rating affirmed idA+

Irvin Avriano A.
Bisnis Indonesia

Pembangunan Jaya Ancol rating affirmed idA+

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) reestablish the I/2007 PT Pembangunan Jaya Ancol Tbk bond ratings valued IDR200 billion in idA+ level. The debt rating outlook assigned to the stable level.

In his research, Pefindo analyst Rifan Firmansyah assess these ratings reflect the company's strong position in the recreation business segments. In addition, the company's financial condition was also assessed by the high proportion of sustained corporate fixed-income, conservative capital structure and cash flow protection which very strong.

"However, ratings were limited with relatively availability of land to support the property business and the limited growth in the recreation business," he said in a research companies which sent this morning.

The Company previously postponed the publication of bonds worth IDR200 billion which planned to issue this year which will used to finance the company's development projects.

The postponed issue caused by the excess cash funds that still owned by the company, approximately IDR400 billion, so the company can use those funds and did not need to issue the bond.

The Company was founded in 1992, which originated from the Executing Agency Ancol Development Project which was established by the Government of DKI Jakarta in 1966.

In addition to operating the recreational area in Ancol-Jakarta, which is the largest recreation area in Indonesia today, the company also has a property business that is by reclaiming the area around a place of recreation and then sell the land.

As of late last year, the company shares owned by the DKI Jakarta administration with a composition of 72%, 18% of PT Pembangunan Jaya, and the publik by 10%.


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