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Thursday, May 19, 2011

Pefindo set idA+ level for Bank Sumut and bonds

BI/financial
19/5/2011
Irvin Avriano A.
Bisnis Indonesia

Pefindo set idA+ level for Bank Sumut and bonds

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo), an Indonesia credit rating company, set idA+ rating to PT Bank Sumatra Utama (Bank Sumut) and the III/2011 bond issuance worth maximum of IDR600 billion.

In a press release this morning, Pefindo analyst Danan Dito also assigned idA rating to I/2011 subordinated (sub-debt) issuance plan bonds worth maximum of IDR400 bio, one level below the corporate rating of the one regional development bank. The prospect of the both ratings was set at stable levels.

"The ratings reflect the strong and proven support from its shareholders, strong business position in the niche market companies, and a strong profitability," said Danan Dito in the release, this morning.

However, he said, the company's rating is constrained by capital and liquidity in the secondary level.

North Sumatra regional development bank has a business focus on the consumer sector and micro, small, and medium enterprises (MSMEs/UMKM).

As of late last year, the company's shares was owned by North Sumatra provincial government amounted to 56.59% and the government district and cities in North Sumatra areas of 43.41%. Currently, the company that commandeered by Gus Irawan Pasaribu reinforced 2,918 employees, 167 branch offices, and 151 proprietary ATMs.

In the issuance plan, the company has been embrace PT Mandiri Securities as lead underwriter for the conventional bond and the subdebt.

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