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Friday, June 11, 2010

Jasa Marga bond rating upgraded to AA

BI / bond
Irvin Avriano A.

Jasa Marga bond rating upgraded to AA

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) increase the rating of four series of PT Jasa Marga Tbk bonds and the company ratings, from idAA- level to idAA level.

The invrease set because the issuer dominant position as largest toll road operator in the country. Outlook for those rankings were peg at stable levels.

Pefindo Analyst Doni Kuswantoro in his research today said the other factors than the issuer's position in the industry that reflected of those ranking are Jasa Marga also has a steady income that been encouraged by the successful business expansion and a better tariff structure.

The cause is also because the company also experienced a strengthening financial profitability indicators.

"However, the ratings were constrained by several factors, namely cash flow protection are only at average level and the related business risks of new highway construction," he said in the research.

Currently, he said, the issuer is the largest toll road operator in the country which has portfolios.

Some of those portfolio are toll roads inside the city of Jakarta, Jagorawi, Jakarta-Cikampek, Jakarta-Tangerang, and Jakarta Outer Ring Road (JORR). Then there are the Purbaleunyi-Gempol toll, Surabaya, Semarang, Belmera, Palikanci, and the Bogor Outer Ring Road (BORR).

As of late last year, the company shareholders consist of the government amounted to 70%, management and employees amounted to 1.36%, 2.07% of PT Jamsostek, and the public amounted to 26.57%.

Pefindo also notes currently outstanding bond of the issuers and which are still listed on the Indosian Stock Exchange consists of X/2002, XI/2003, XII/2006, and XIII/2007 series.

On the other hand, the issuers' stock that are also listed with the code JSMR was stagnant at IDR1,990 level and form its market capitalization to IDR13.53 trillion.

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