INDONESIA - RATNGS - Pefindo : Bank Nagari

www.pefindo.com - PEFINDO 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)

INDONESIA - CAPITAL MARKETS - Mayora Indah and Bank Muamalat to issue 'sukuk'

www.thejakartapost.com - Publicly listed food-producer PT Mayora Indah Tbk and PT Bank Muamalat Indonesia Tbk plan to issue sukuk, or Islamic debt papers, this year in the hopes of raising Rp 250 billion (US$27 million) and Rp 800 billion, respectively, the National Sharia Council says.

Mayora Indah will launch its sukuk on Monday while Bank Muamalat, which runs according to Sharia banking principles, will follow in July, Kanny Hidaya, the council's deputy secretary, said Thursday during a discussion about sukuk development in Indonesia.  (source)

INDONESIA - RATINGS - Bank Nagari

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)

RATING - Bank Nagari (Sukuk Mudharabah)

PEFINDO assigned “_idA” rating to PT Bank Pembangunan Daerah Sumatera Barat or Bank Nagari (BPSB or the Bank) as well as its proposed Bond VI/2010 of IDR500 billion. At the same time, PEFINDO also assigned “_idA-” rating to BPSB’s proposed Subordinated Debt I/2010 of IDR 100 billion and “_idA_(sy)” rating to the Bank’s proposed Sukuk Mudharabah I/2010 of IDR100 billion. Outlook for the ratings is “stable”.