Analysts Vonny Widjaja and Niken Indriarsih at Pefindo said that the MAPI-coded company’s bond issuance for Bond I/2009 and liarah sukuk I/2009, was also set at stable rating, idA+.
“Pefindo reaffirmed idA+ for Mitra Adiperkasa and i/2009 bond consisting of two series, A and B. Then, ijarah sukuk 1/2009 having A and B series also secured idA+ rating. The ratings si predicted to be stable,” he wrote in press conference today.
At the end of last year, Mitra Adiperkasa issued IDR346 billion bond as well as IDR154 billion sukuk having two series each maturing in 3 years and 5 years.
He explained that the rating reflects the company’s strong market position in the modern retail industry by having a solid retail concept and good diversification, as well as having a scattered-stores locations to reach its market target.
Vonny continued that the rating is limited by the high company’s financial leverage even though indicating an improvement and a quite long inventory day.
PT Satya Mulia Gema Gemilang is MAP’s major shareholder by controlling 58.8% of shares, followed by PT Life Assurance and public by 7% and 34.2% each. (t01/wiw)
Source : http://www.bisnis.com/en/corporate/1id212954.html - Oct 5, 2010
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