TRAC issue IDR1 trio bond

17/4/2011

Irvin Avriano A.

TRAC issue IDR1 trio bond

JAKARTA: PT Serasi Autoraya, an Astra Group car rental company, is ready to issue IDR1 trillion bond.

The matter were revealed in the research in PT Pemeringkat Efek Indonesia (Pefindo) last weekend.

In the research, the company's plan to issue their second bonds rewarded idA+ rating, as well as their issued I/2009 and II/2010 medium-term notes (MTNs). Rating outlook set at stable level.

Pefindo Analyst Rifan Firmansyah said the ratings reflect the strong support of the group, the favorable fleet profile, strong market position, and a relatively stable income.

"However, the ratings are constrained by the leverage [the ratio of liabilities and equity] as an aggressive financial support of the company's business expansion and relatively high rental revenue contribution from few customers," he said in the research.

The transportation service providers, either retail or corporate customers, are carrying the name of the Toyota Rent a Car that usually known by TRAC name.

Serasi Autoraya have business line rental cars and motorcycles, sale of used cars, taxis, logistics services, and the expedition.

As of end of February the company has 25,093 cars and 5.012 motor units used for rental services, 367 taxicab, and four ship.

The company already has 33 branches, 53 rental outlets, 14 service points, and 359 workshops. The PT Astra International Tbk subsidiary already equipped with 15 branches and 10 used-car sales logistics branch.