PEFINDO affirms “idAA-” rating to PT AKR Corporindo Tbk’s maturing bond
Wednesday, May 6 2020 - 05:49 PM WIB
(May 5, 2020)--PEFINDO has affirmed its “idAA-” rating for PT AKR Corporindo Tbk (AKRA)’s Shelf-Registered Bond I Year 2017 Series A of IDR895 billion that will mature on July 7, 2020. The Company plans to repay its maturing bond using internal cash and unused credit facilities. As of March 31, 2020, AKRA had cash and cash equivalent of IDR1.7 trillion and unused long-term credit facility from BCA totaled IDR750 billion.
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 March 31, 2020, its shareholders were PT Arthakencana Rayatama (59.6%), management (0.7%), and the public (39.7%, each below 5% ownership). (ends)