Pefindo assigned its “idA” ratings to PT Bank Pembangunan Daerah Sulawesi Selatan (BPSL or the Bank) and the Bank’s proposed Bonds I/2011 with a maximum amount of IDR 400 billion. PEFINDO also assigned “idA(sy)” rating to BPSL’s proposed Sukuk Mudharabah I/2011 of IDR100 billion. Outlook for the corporate credit rating is “stable”. The rating reflects strong and proven support from the shareholders, BPSL’s strong market position in the region, and strong profitability indicators. However, the rating is constrained by moderate liquidity indicators and intensifying competition.(full story - pefindo)
BPSL was established in 1961 with the main objectives to support the economic development of the Sulawesi Selatan (Sulsel) region. The 37 regional governments in Sulsel are the Bank’s shareholders with Sulawesi Selatan provincial government as the major shareholder with 41.9% share ownership as of October 31, 2010 (10M2010).
Rating Period: March 24, 2011 – February 1, 2012
Contact Analyst: Hendro Utomo & Hotma Parulian Manalu
Contact Analyst: Hendro Utomo & Hotma Parulian Manalu
Source : http://new.pefindo.com/r_releasedetail.php?cid=882 - May 24, 2011
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