PEFINDO.COM - affirmed its “idA” rating of PT
Bank Pembangunan Daerah Sumatera Barat or Bank Nagari (BPSB or the Bank)
as well as the rating of its outstanding Bond VI/2010 of IDR500
billion. At the same time, PEFINDO also affirmed its “idA(sy)” rating of the Bank’s Sukuk Mudharabah I/2010 of IDR100 billion and its “idA-” rating of the Bank’s outstanding subordinated Debt I/2010 of IDR 81 billion. Outlook for the corporate rating is “stable”.
The ratings reflect strong and proven support from the Bank’s
shareholders, its strong market position in the region, and relatively
strong profitability. However, the ratings are constrained by the
Bank’s relatively high non-performing loans, below average liquidity
indicators, and intensifying competition in the region .(source)
BPSB is the regional development bank in West Sumatra. The Bank
offers complete banking services including corporate, commercial,
consumer, micro/retail, treasury, and sharia. As of June 30, 2011, the
Bank’s shareholder structure comprised of Provincial Government of West
Sumatra (37.10%), Regency Government of West Sumatra (61.84%) and BPSB’s
Employees Cooperative (1.06%).
Rating Period: September 30, 2011 – October 1, 2012
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