PEFINDO affirmed its “idAA+” ratings of Perum Pegadaian (PPGD or the
Company) and the Company’s outstanding Bonds X, XI, XII and XIII. At the
same time, PEFINDO also assigned “idAA+” ratings for the Company’s
proposed Bonds I/PUB/2011 with a maximum amount of IDR 2.0 trillion and
proposed MTN I/2011 with a maximum amount of IDR 1.0 trillion. PEFINDO
also assigned “idAA+(sy)” rating to PPGD’s proposed MTN Ijarah I/2011
with a maximum amount of IDR 500 billion. (source)
Outlook for the corporate
rating is “stable”. The ratings reflect strong support from the
Government of Indonesia (GOI), the Company’s superior position in pawn
service business, as well as very strong asset quality and profitability
indicators. The ratings are constrained by worsening asset quality
stemming from non-pawn services.
PPGD engages in pawn service and micro lending businesses, supported
by 13 regional offices and 4,804 networks located throughout the
country. As of March 31, 2011 (1Q2011), the Company is 100% owned by
Government of Indonesia (GOI).
Rating Period: July 27, 2011 - July 1, 2012
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