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Friday, November 26, 2010

Pefindo affirms Bank Sulut A-

BI / exchange
12/11/2010
Irvin Avriano A.

Pefindo affirms Bank Sulut A-

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) affirm the IV/2010 PT Bank Sulut bond at idA- level. Prospect for the bond's rating and bank's rating set at stable levels.

In his research this afternoon, rating agencies also assign the same rating for the company, then the subdebt bond rating company also set at the level idBBB+.

"The rating reflects the strong support already shown from the company's shareholders, the company's position on the top of the market average, and good asset quality," said Pefindo Analyst Hendro Utomo in the research.

He said the ratings were constrained by tightens competition in the regional banking industry. Another limiting factor is the capitalization of companies which moderate.

The company provides banking services in North Sulawesi and Gorontalo provinces. The rRegional bank currently supported by 38 branches, 42 automatic teller machines (ATMs) belonging to themself, and ATM connections with ATM Bersama network.

As of late September 2010, the government of North Sulawesi province has a shareholding in the bank as much as 55.76%, the municipality and district in North Sulawesi and Gorontalo, North Sulawesi, as well as employees of the bank, amounted to 1.88%.

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