The rating was assigned based on the Fund’s portfolio as of June 30, 2010. The rating reflects that the Fund’s underlying assets provide adequate protection against losses from credit defaults. Contribution of “A” and below rated assets to total NAV increased to 44.7% from 41.2% as of May 31, 2010. Meanwhile, contribution of “AA” rated assets slightly decreased to 27.6% from 28% as of May 31, 2010. Indonesian Government Securities, regarded as “AAA” rated assets, accounted for 24.0% of total NAV. Although sovereign papers are not rated by PEFINDO, we believe that they have the strongest credit quality among debt instruments issued in the country. Therefore, PEFINDO assumes government papers to have “AAA” rating.
PT. PNM Investment Management is an asset management company, which is 99% owned by PT. Permodalan Nasional Madani (Persero), a state- owned company engaged in the development of micro, small, and medium enterprises and co-operatives. PT. PNM Investment Management is the result of the acquisition of PT. Rashid Hussain Asset Management by PT. Permodalan Nasional Madani in 1999. PT. Rashid Hussain Asset Management obtained the investment management license from Bapepam-LK based on its letter 01/PM/MI/1998 dated January 27, 1998.
No comments:
Post a Comment