www.pefindo.com -
PEFINDO affirmed its
“idAA+”
ratings of PT Pegadaian (Persero) (PPGD or the Company) and the
Company’s outstanding Bonds X, XI, XII and XIII, Shelf Registration Bond
I/2011 Phase I and Phase II/2012, as well as MTN II/2011. PEFINDO also
affirmed its
“idAA+(sy)” rating for the Company’s MTN Ijarah I/2011. 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 favorable profitability indicators.
The ratings are constrained by tight competition in the non-pawn
brokerage business.
(source)
PPGD engages in pawn service and micro lending businesses, supported
by a network of 12 regional offices and 4,541 units located throughout
the country. At the end of March 2012 (1Q2012), the Company is 100%
owned by Government of Indonesia (GOI).
Rating Period: June 27, 2012 - July1, 2013
Contact Analyst:
Danan Dito &
Putri Amanda
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