PEFINDO affirms “idA+” rating for PT Pembangunan Perumahan (Persero) Tbk’s maturing bond

(December 2, 2019)--PEFINDO has affirmed its “idA+” rating for PT Pembangunan Perumahan (Persero) Tbk (PTPP)’s Shelf-Registered Bond I Phase II Year 2015 of IDR300.0 billion that will mature on February 24, 2020. The Company plans to use part of the proceeds of Shelf-Registered Bond II Phase II Year 2019 of IDR1,250.0 billion to repay the maturing bond. In addition, PTPP had cash and cash equivalent of IDR4.4 trillion as of September 30, 2019.

Debt security rated idA indicates that the obligor’s capacity to meet its long-term financial commitments on the debt security, relative to other Indonesian obligors, is strong, however, the debt security is somewhat more susceptible to adverse effects of changes in circumstances and economic conditions than higher-rated debt.

The plus (+) sign in a particular rating indicates that the rating is relatively strong within the respective rating category.

Established in 1953, PTPP is one of the largest construction and engineering, procurement, and construction (EPC) companies in Indonesia. It is expanding into the property, realty and precast sectors, as well as heavy equipment rental and investments in the energy and infrastructure sectors. As of September 30, 2019, its shareholders were the Indonesian government (51.0%), the Employees Cooperative (Kopkar) (0.08%), and the public (48.92%). (ends)