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Saturday, October 16, 2010

Taiwan instant noodles rejection not affect Indofood rating

Friday, 10/15/2010 16:41:14 AM
Taiwan instant noodles rejection not affect Indofood rating

By: Irvin Avriano A.

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) assess the rejection of instant noodle products of PT Indofood Sukses Makmur Tbk and its subsidiary in Taiwan case did not affect the company's outstanding bond rating.

Pefindo analyst Vonny Widjaja and Niken Indriarsih in a release today stating that the product withdrawal does not matter, because the distribution of the consumer products only 1% of the export value of instant noodles and 0.03% of total sales of instant noodle.

"However, Pefindo still monitoring the impact of the withdrawal of instant noodles in Taiwan and on domestic sales for Indofood," Vonny said in the release.

Pefindo is still establish Indofood's bond rating at idAA leve with a positive outlook. The ratings are still valid for Indofood V/2009 and IV/2007 bonds.

The positive outlook was enhanced in May this year in line with the IPO plan of its subsidiary PT Indofood CBP Sukses Makmur Tbk, hoping that the shares offering funds will be used to reduce Indofood debt.

The main business lines from INDF are consumer branded products which lying under the Indofood CBP banner, flour under Bogasari brand, agribusiness (which includes plantations, cooking oil and margarine), and distribution.

In the end of 1st semester this year, CAB Holdings Ltd is the majority shareholder with stake onIndofood as much as 50.05%. (Yes)

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