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Monday, April 18, 2011

Pefindo's heart breaking idA-

16/4/2011
Irvin Avriano A.

Pefindo's heart breaking idA-

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) reaffirmed a heart-breaking idA- rating to PT BFI Finance Tbk and their bonds.

The rating is given again due to BFI Finance readiness to paid off their matured II/2019/B tranche worth IDR30 billion in July 15th. The idA- is given considering the huge time deposit parked in banks that reach IDR100 bio that ensure the paid off for the matured bond.

BFI Finance is in a final preparation to issue III/2011 bond and expect a lot that their rating is upgraded to idA level.

A full "A" rating, not even A minus, is a sacred level that allow pension fund as the biggest capital market institutional investor to invest in the fixed income securities.

The un-shaky rating will make BFI Finance to delay again the bond issuance plan or will depend on only issue short tenured bond that will absorb by investment managers.

In the market, the issuance plan is rumored already guarded by lead underwriters namely PT Victoria Sekuritas and PT Standard Chartered Securities Indonesia, a subsidiary of Standard Chartered Bank Plc.

BFI Finance Corporate Secretary Budi D. Munthe once said the issuance plan are not critical to the company, related to big fund that came from bank loan and huge cash flow from collecting receivables that reach aroun IDR350 bio--400 bio per month.

The BFIN coded shares shareholders consist of The Northern Trust S/A AVFC with 19.45% portion, Deutsche Bank AG London 17.79%, CS Securities Europe Ltd Brokerage 15%, Mellon Bank NA S/A Mackenzie Cundill Emerging 5.2%, and public 42.56%.

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