PEFINDO: PT AKR Corporindo Tbk’s maturing bond rated “idAA-”
Thursday, March 24 2022 - 02:28 AM WIB
(March 23, 2022)--PEFINDO has affirmed its “idAA-” rating for PT AKR Corporindo Tbk (AKRA)’s Shelf-Registered Bond I Year 2017 Series B of IDR68.0 billion that will mature on July 7, 2022. The Company plans to repay its maturing bond using internal cash. As of September 30, 2021, it had of IDR1.6 trillion, sufficient to cover the maturing bond.
A debt security rated idAA differs from the highest-rated debt only to a small degree. The issuer’s capacity to meet its long-term financial commitments on the debt security, relative to other Indonesian issuers, is very strong. The minus (-) sign indicates that the rating is relatively weak within its 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 September 30, 2021, its shareholders were PT Arthakencana Rayatama (59.60%), management (1.13%), the public (37.59%, each below 5% ownership), and treasury stocks (1.68%). (ends)