PEFINDO affirms “idAA-” rating to PT AKR Corporindo Tbk’s maturing bond
Friday, October 18 2019 - 10:59 PM WIB
(October 18, 2019)--PEFINDO has affirmed its “idAA-” rating for PT AKR Corporindo Tbk (AKRA)’s Bond I Year 2012 Series B of IDR877 billion that will mature on December 21, 2019. The Company plans to repay its maturing bond using internal cash and bank loan facilities available.
As of June 30, 2019, AKRA had cash and cash equivalent of IDR1.0 trillion.
A debt security rated idAA differs from the highest rated debt only to a small degree. The obligor’s capacity to meet its long-term financial commitments on the debt security, relative to other Indonesian obligors, is very strong.
The Minus (-) sign indicates that the rating is relatively weak within the respective rating category.
AKRA is engaged in the trading and distribution of fuel and basic chemicals in Indonesia. Through its subsidiaries, it is also involved in logistics, manufacturing, integrated industrial estates, and ports. As of June 30, 2019, its shareholders were PT Arthakencana Rayatama (59.0%), management (0.7%), and the public (40.3%, each below 5% ownership).