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Friday, June 11, 2010

Pefindo upgraded Bank Jabar Banten rating to AA-

BI/bursa
11/6/2010
Irvin Avriano A.

Pefindo upgraded Bank Jabar Banten rating to AA-

JAKARTA: PT Pemeringkat Efek Indonesi (pefindo) upgraded PT Bank Jabar Banten's V/2006 and VI/2009 bond-corporate rating from idA+ level to idAA- level yesterday. The rating outlook peg at stable level.

Based on pefindo research that released yesterday, the upgrading action taken due to shareholder strong support to the bond emitter, upgraded bank's market position, its strong capitalization profile, and also because of the company's good asset quality indicator.

"But the ratings is also constrained with relatively high level NPL ratio in corporate segment and tightening competition in banking industry," said Pefindo Analyst Hendro Utomo in the research.

The bank which established in 1961 now became the largest regional development bank (Bank Pembangunan Daerah/BPD) in the country.

The bank performace is supported by 2.126 employees from 275 offices, which are mostly located in West Java and Banten areas. Per December 2009, 80,5% of the bank shares was owned by West Java Regional Government and as much as 19,5% by Banten Regional Government.

The company still in the process to list their shares in the capital market this year. The document has been submitted to the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) earlier last month. This action is third attemp to IPO-ing their shares.

The company is assisted by PT CIMB Securities Indonesia and PT Bahana Securities as the underwriter. The company also plan to issue another bond this year worth IDR2 trillion.

Indonesia Stock Exchange (IDX/Bursa Efek Indonesia) noted the provisional bank still have bond obligation worth IDR1.75 trillion. Those bonds divided in two series, V/2006 worth IDR1 trillion which will mature in 2011 and VI/2009 worth IDR750 billion that will mature in 2012 and 2014.

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