INDONESIA - RATINGS - Pegadaian

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)

INDONESIA - RATNGS - Pefindo rates Indosat Sukuk Ijara

www.indosat.com - Pefindo Publishes Rating 'id AA +' (Double A Plus) for Indosat Bonds VIII 2012 and 'id AA + (sy)' (Double A Plus Sharia) for Indosat Sukuk Ijarah V Year 2012
 
Jakarta, June 18, 2012 - PT Indosat Tbk ("Indosat") announced today that Pefindo has assigned a rating 'id AA +' (Double A Plus) and 'id AA + (sy)' (Double A Plus Sharia) for each - each Indosat Bonds VIII 2012 and Indosat Sukuk Ijarah V Year 2012 to be published.
 
This rating reflects the strong support of the parent company, the stability of the company's market position, operating performance and stability. However, the ratings are also affected by the capital structure of the company's aggressive and tough competition in the telecommunications industry.  (source)

INDONESIA - RATINGS - Bank Syariah Mandiri Tbk.

www.pefindo.com - PEFINDO assigned its “idAA+” rating to PT Bank Syariah Mandiri (BSRM or the Bank) with a ‘stable’ outlook. The rating reflects very strong support from PT Bank Mandiri (Persero) Tbk (Bank Mandiri or BMRI, rated idAAA/Stable), very strong position in sharia banking segment, and improving asset quality indicators. However, the rating is constrained by the Bank’s moderate capitalization and weakening profitability measures.  (source)

INDONESIA - CAPITAL MARKETS - Muamalat: Measures to be Rp800 billion, for the 10.125%

www.bisnis.com - JAKARTA: Indonesia Tbk, PT Bank Muamalat increase the value of emissions from the subordinated sukuk plans Rp500 billion to Rp800 beginning billion, as strong demand from investors.
Hendiarto, Director of Finance and Operations Bank Muamalat, said the incoming requests from investors to the sukuk subordination (subdebt) of Phase I reach Rp1, 13 trillion, much higher than the initial offer Rp500 billion.
The high demand is the reason for the company to increase the value of emissions to Rp800 billion, or 60% higher than the supply.
"It will be decided in the near future, but indications are we will take up to Rp800 billion," he told Business Today Monday (18/6).  (source)

INDONESIA - RATNGS - Adhi Karya (Persero) Tbk.

www.pefindo.com -PEFINDO raised the ratings of PT Adhi Karya (Persero) Tbk. (ADHI or the Company), the Company’s Bonds IV/2007 at “_idA” from “_idA-” and its Sukuk Mudharabah I/2007 at “_idA_(sy)” from “_idA-_(sy)”.  At the same time, PEFINDO also assigned “idA” rating to the proposed bond “Obligasi Berkelanjutan I Adhi Tahap I tahun 2012” with a maximum value of IDR1.25 trillion and “_idA_(sy)” rating to the proposed “Sukuk Mudharabah Berkelanjutan I Adhi Tahap I tahun 2012” with a maximum value of IDR250 billion. The outlook for the rating is “stable”.   (source)

INDONESIA - CAPITAL MARKETS - Bank Muamalat Issues Subordinated Sukuk Worth IDR 1.5 Trillion

www.muamalatbank.com - Bank Muamalat Indonesia issues a total of IDR 1,5 trilion Subordinated Sukuk in Jakarta 5/30, as the Indonesian Islamic banking pioneer aims to strengthen the capital structure in speeding up business.

The idA(sy) rating is given by PT Pefindo - Credit Rating Indonesia for this Mudharaba-based subdebt, meanwhile Bank Muamalat was rated idA+ as the issuer. In the first period, the bank issues IDR 500.000.000.000 (IDR 500 billions) of the total amount of IDR 1.5 trillion to be issued in the next two years.  (source)

INDONESIA - CAPITAL MARKETS - Interest coupon of 9.1%, INDOSAT Bonds / Sukuk Strengthen Network

WWW.INILAH.COM, Jakarta - PT Indosat Tbk (ISAT) will offer a coupon rate of bonds VIII in 2012 in the range 7.875% -9.125% of the issuance of Rp2 trillion. A total of 65% to pay for a network license.
PT Indosat Tbk (ISAT) will offer bonds VIII of 2012 with a fixed rate of Rp2 trillion. In addition, the company also offers the sukuk Ijarah Indosat V in 2012 with the rest of the rewards as much as possible ijarah Rp500 billion.
These bonds consist of two series of the bonds series A 7-year maturity with a coupon rate in the range 7.875% -8.875% series B bonds and a term of 10 years with a coupon rate in the range 8.125% -9.125%. While the ijara sukuk valued at Rp500 billion seven-year term. "For the ijara sukuk yield equivalent Rp78.750.000-Rp88.750.000 per Rp1 billion pa," said Director of PT Mandiri Securities, Iman Rachman, Tuesday (29/05/2012).  (source)

INDONESIA - RATINGS - Bank Muamalat Indonesia Tbk.

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)

INDONESIA - RATNGS - Mayora Indah Tbk.

new.pefindo.com - PEFINDO affirmed its “_idAA-” ratings for PT Mayora Indah Tbk. (MYOR or the Company) and its Bond III/2008 and its “_idAA-_(sy)” rating for its Sukuk Mudharabah I/2008. PEFINDO also assigned “_idAA-” and “_idAA-_(sy)” ratings to the Company’s proposed Bond and Sukuk Mudharabah amounting to a maximum of IDR750 billion IDR250 billion, respectively which will be used for MYOR’s expansion plan. The outlook of the corporate rating is “Stable”.  The ratings reflect the Company’s strong position in the domestic packaged food market, well diversified product offering with the increasing contribution from overseas market, and extensive distribution coverage.  However, the ratings are constrained by the Company’s exposure to the fluctuation of raw material costs and relatively aggressive capital structure. (source)

INDONESIA - CAPITAL MARKETS - Bonds and Sukuk Mayora Natural Excess Demand

investor.co.id - JAKARTA-The demand for bonds and sukuk mudaraba IV offered by PT Mayora Indah Tbk was oversubscribed by nearly five-fold, following a high investor interest in the two instruments.
Corporate Secretary PT Mayora Indah Tbk, Yuni Gunawan in a written statement received here on Tuesday (24/4) states, a manufacturer of processed foods that offer bonds with a term of seven years and the emission maximum of Rp500 billion.
While sukuk mudaraba sukuk offer is for a period of five years with the emission maximum of Rp250 billion. Bonds and sukuk were issued without a script, while the interest on the bonds and sukuk mudaraba revenue sharing will be paid every three months.  (source)

INDONESIA - RATINGS - Bank Muamalat

new.pefindo.com - PEFINDO assigned its “idA+” rating to PT Bank Muamalat Indonesia Tbk (BBMI or the Bank) with a ‘stable’ outlook. 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)

INDONESIA - CAPITAL MARKETS - Only 3 Percent, Not Good growth of Sukuk

WWW.REPUBLIKA.CO.ID, JAKARTA - The growth of high sukuk in 2012 can not be used as a benchmark to determine the good or the development of Islamic bonds. Despite growing more than 100 percent, compared to conventional bonds, sukuk growth is still very small.

In 2011, sukuk issued only Rp 200 billion by the two issuers. In 2012, there were one issuer that issued the sukuk worth Rp 250 billion, and will be followed again by issuing a sukuk issuer valued at Rp 800 billion.

It just can not say the growth in Indonesia sukuk to rise. The potential for sharia in Indonesia is still large, but still takes a long time to be able to say more and better development of the sukuk.

"It can not be predicted because it was new," said Vice President of PT Indonesia Rating Agency (Pefindo), Hendro Utomo, in Jakarta, Monday (16/4).  (source)

INDONESIA - CAPITAL MARKETS - PT Mayora Rp 250 billion Sukuk Issue

WWW.REPUBLIKA.CO.ID, JAKARTA - Manufacturers of processed foods, PT Mayora Indah Tbk, a public expose in order to conduct a public offering of sukuk mudaraba Mayora Indah II in 2012.

PT Mayora offer sukuk mudaraba the emission value of Rp 250 billion. "Sukuk Mudharabah is offered without papers," said Director General and Operations PT Mayora, David Atmadja, Monday (9/4).

Sukuk Mudharabah has offered a five-year tenor. Revenue sharing for sukuk tesebut paid every three months. By PT Indonesia Rating Agency (Pefindo) sukuk is ranked AA-(Double A minus). (source)

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 - RATINGS - Bank Danamon Indonesia Tbk. outlook positive

www.pefindo.com - PEFINDO puts Positive Outlook to PT Bank Danamon Indonesia Tbk. (BDMN or the Bank) and to PT Adira Dinamika Multi Finance Tbk (ADMF or the Company), the automotive financing subsidiary of BDMN, due to the potential improvement in the Bank’s and the Company’s businesses and financial profiles as a result of BDMN’s shares acquired by DBS Group of Singapore. The acquisition would eventually support BDMN and ADMF in creating a stronger presence in Indonesian banking and financing industry, respectively. It is also expected to strengthen BDMN and ADMF funding franchise.  (source)

INDONESIA - RATINGS - Bakrieland Development Tbk. downgrade

www.pefindo.com - PEFINDO lowered its ratings on PT Bakrieland Development Tbk. (ELTY or the Company) and the Company’s Bond I/2008 to “idBBB” from “idBBB+”. PEFINDO also lowered the rating of the Company’s Sukuk Ijarah I/2009 Serie B to “idBBB(sy)” from “idBBB+(sy)”.

The downgrade was attributable to the Company’s weakening cash flow protection ratios. In 2011, the Company’s EBITDA to debt ratio and EBITDA to interest (including capitalized interest) ratio were 0.1x and 0.9x, respectively. (source)

INDONESIA - RATINGS - Indosat Tbk.

www.pefindo.com - PEFINDO views that the sale agreement of 2,500 towers owned by PT Indosat Tbk. (ISAT or the Company) has no immediate impact to the ratings of the Company and its Bonds II/2002, Bonds V/2007, Bonds VI/2008, and Bonds VII/2009 as well as its Sukuk Ijarah II/2007, Sukuk Ijarah III/2008, and Sukuk Ijarah IV/2009. Although the cash proceeds from the transaction could improve the Company’s liquidity position and/or potentially reduce its outstanding debt, the transaction will incur new obligation under financing lease. However, PEFINDO will monitor the impact of the new obligation under financing lease to the Company’s capital structure. Currently, the Company’s ratings are maintained at “idAA+” for the Company and its bonds and “idAA+(sy)” for its sukuk with a stable outlook. (source)

INDONESIA - RATINGS - Berlian Laju Tanker Tbk.

www.pefindo.com - PEFINDO lowered PT Berlian Laju Tanker Tbk’s (BLTA or the Company) corporate rating to “idSD” from “idCCC” after confirming that BLTA has not made the repayment on one of its offshore bank loans and its ship-lease obligations on their respective due dates. PEFINDO maintained “idCCC” ratings for the Company’s Bond III/2007 and Bond IV/2009 (including the Bond IV/2009-B Series amounting to IDR150 billion due 28 May 2012), and also maintained the ratings of BLTA’s Sukuk Ijarah I/2007 and Sukuk Ijarah II/2009 at “idCCC(sy)” (including Sukuk Ijarah II/2009-A Series amounting to IDR45 billion due 28 May 2012). The debt instrument ratings will be lowered to “idD” when the next respective dates for interest or principal payments are passed and the payments are not made. (source)

INDONESIA - RATINGS - Pefindo rates BPSL

www.pefindo.com - PEFINDO affirmed its id rating of PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat (BPSL or the Bank).  At the same time PEFINDO also affirmed its “_idA” rating to the Bank’s outstanding Bonds I/2011 of IDR400 billion and its “_idA_(sy)” rating to the Bank’s Sukuk Mudharabah I/2011 of IDR100 billion.  (source)

INDONESIA - RATINGS - Bank Internasional Indonesia, Tbk.

PEFINDO affirmed its “_idAA+” rating of PT Bank Internasional Indonesia Tbk (BNII or the Bank) and its “_idAA” rating of the Bank’s outstanding subordinated Debt I Bank BII 2011 of IDR1.5 trillion.  At the same time, PEFINDO also assigned its “_idAA+” rating to the Bank’s proposed Senior Bond I/2011 and “_idAA” rating to the Bank’s proposed Subordinated Debt II/2011, both under the PUB Offering Scheme (Penawaran Umum Berkelanjutan) for a maximum amount of IDR6.0 trillion.  Outlook for the corporate rating is “stable”.  The ratings reflect strong support from Maybank of Malaysia (Maybank or the Parent), strong market position, and improving profitability measures.  However, the ratings are constrained by BNII’s moderate capitalization and tight competition within the banking industry. (source)