The rating upgrade is driven by the increasing portion of “AA” rated assets to 34.5% as of December 30, 2010 from 23.4% as of November 30, 2010, despite the decreasing portion of “AAA” rated assets to 30.8% from 33.6% during the same period. 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: January 27, 2011 – February 21, 2011 (Credit Quality Rating)
Contact Analyst: Dimas Aditya & Hotma Parulian Manalu
Contact Analyst: Dimas Aditya & Hotma Parulian Manalu
Source : http://new.pefindo.com/r_releasedetail.php?cid=813 - Feb 16, 2011
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