In a press release today, Pefindo analyst Niken Indriarsih said that the rating was also supported by the strong commitment from the government toward fertilizer industry because of the industry strategic importance for the country.
The rating, she uttered, was also supported by PKT’s strong position in the industry. The rating prospect of the company and its bonds was determined in stable level.
However, the rating was limited by a less conservative capitals structure in the future and the risks of currency fluctuation,” said Niken in her research today.
PKT’s bonds rate II/2009 that still circulated as much as IDR660 billion and sukuk I/2009 worth IDR131 billion. As per June, 99.99% of company’s shares were controlled by government through PT Pupuk Sriwdjaja.
In her another separate research, Niken had also determined the bonds and sukuk belongs to a subsidiary of Grup Salim namely PT Salim Ivomas Pratama in level idAA- and idAA-(sy).
The listed company’s rating is considered reflecting the products diversification and good area, and also a strong company position in the branded cooking oil market.
However, the rating was limited by the company financial structure that relatively aggressive, commodity price fluctuation and unpredicted weather. (t06/wiw)
Source : http://new.pefindo.com/r_releasedetail.php?cid=717 - Sept 3, 2010 and http://web.bisnis.com/en/corporate/1id206086.html - Sept 3, 2010 and http://new.pefindo.com/r_releasedetail.php?cid=716 - Sept 3, 2010
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