PEFINDO affirmed its “idA-f” credit quality rating for PNM Amanah Syariah (“the Fund”), a fixed-income mutual fund managed by PT PNM Investment Management (PNMIM). The rating is based on the Fund’s portfolio as of September 30, 2010.
PEFINDO views that the Fund’s underlying assets provide adequate protection against losses from credit defaults. Although the portion of “AAA” rated assets has decreased to 27.9% from 34.7%, the rating is affirmed mainly due to the decreasing portion of “BBB” and lower rated assets to 9.5% from 18.2% which mostly was moved to “AA” and “A” rated assets. All “AAA” rated assets are placed in debt securities issued by Indonesian government. PEFINDO believes that these type of assets have the strongest credit quality among debt instruments issued in the country. Although they are not rated by PEFINDO, we assume government debt securities to have the same quality as “AAA” rating instruments.
PNMIM 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 (Persero) 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.
DISCLAIMER:
The PCR reflects only credit risks of the fund’s underlying assets and only valid for a particular scheme. The rating is not an opinion of the credit quality of the asset management company. It is neither a recommendation to buy, sell or hold the fund, nor a comment or opinion on market price, yield or sustainability and future performance of the fund.
Rating Period: October 19, 2010 – November 21, 2010 (Credit Quality Rating)
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