new.pefindo.com -
PEFINDO affirmed its
“idA+” rating to PT Bank Muamalat Indonesia Tbk (BBMI or the Bank) with a
‘stable’ outlook. At the same time, PEFINDO also assigned
“idA”
rating to the Bank’s proposed Sukuk Subordinated Bond under PUB scheme
with amount of up to IDR1.5 trillion. The rating reflects the strong
support from Islamic Development Bank (IDB), high growth potential of
sharia banking segment, and BBMI’s strong market position. However, the
rating is constrained by the Bank’s increasing pressure in
capitalization profile and moderate profitability performance.
(source)
BBMI is the second largest sharia bank in Indonesia. The Bank has
retained approximately 2.5 million customers of its funding and
financing products. BBMI is owned by Islamic Development Bank (32.82%),
Boubyan Bank, Kuwait (24.94%), Atwill Holdings Limited, Saudi Arabia
(17.95%), and several other entities and individuals. IDB is rated by
Standard and Poor’s at AAA/Stable.
Rating Period: April 10, 2012 – April 1, 2013
Contact Analyst:
Danan Dito &
Putri Amanda
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